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Friday saw NZD/USD break out of its recent.....>

KIWI
KIWI: Friday saw NZD/USD break out of its recent range & shed 58 pips through
the day. The coronavirus situation dented appetite for riskier assets, while a
generally good U.S. NFP report (numbers mixed, but headline employment growth
better than forecast) lent some support to the greenback.
- NZD/USD is little changed at $0.6398. Bears look for a break under the 76.4%
retracement of the Oct 1 - Dec 31 rally at $0.6334, after the 61.8% retracement
gave way on Friday. Bulls would like to see a return above the 100-DMA/mid-point
of that rally at $0.6475/80.
- TVNZ reported that PM Ardern will postpone her planned visit to China,
originally scheduled for early this year. Per TVNZ, the visit will not take
place before New Zealand's September general election.
- The RBNZ is about to deliver their monetary policy decision on Wednesday, with
Gov Orr due to speak on Wednesday & Thursday. Market pricing suggests a ~6%
chance of an OCR reduction this week.
- On the data front, BusinessNZ M'fing PMI & food price index will provide some
interest on Friday. Chinese inflation data will provide some interest today.

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