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Hovers Around 50-DMA

NZD

Spot NZD/USD last trading flat a 0.7251, the pair fell as low as 0.7213 on Friday before recovering into the close.

  • Over the weekend Fonterra reported April season to date New Zealand milk collections up 1.2%, while April collections are up 11.2% Y/Y, 2021/22 season milk collection forecasts are 1,525m kg.
  • Elsewhere, there are media reports that New Zealand has backed Australia in its simmering trade spat with China ahead of a meeting between PM Morrison and his counterpart Ardern.
  • From a technical perspective the pair hovers around the May 19 low/50-DMA at 0.7152/48 which bring the May 13 low of 0.7315 into focus, bulls look to the May 26 high of 0.7316 and then Feb 25 high of 0.7465 into view.
  • In terms of domestic economic releases ANZ Activity Outlook/Business Confidence will be released today.
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