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January Data Highlights Woes In Services Sector

NZD

NZD/USD has slipped in early trade, with focus on familiar geopolitical tension related to the Russia-Ukraine situation and a deterioration in New Zealand's PSI. The pair sits -6 pips at $0.6646 and bears keep an eye on Feb 4 low of $0.6590. A break here would expose Jan 28 low of $0.6530. Conversely, a jump above Feb 10 high of $0.6733 would turn focus to Jan 19 high of $0.6812.

  • New Zealand's services sector plunged deeper into contraction, the latest BNZ/BusinessNZ Performance of Services Index showed. The overall PSI fell to 45.9 in January from 49.8 prior, with all main sub-indices slipping, with "the recent theme of smaller firms suffering more than larger firms reinforced by [the] results."
  • Remaining data highlights this week include REINZ house sales (Tuesday) & PPI (Friday).

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