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Kiwi Falls On CPI Inflation Miss

KIWI

NZD/USD dipped in reaction to the release of New Zealand's CPI, which missed both market & RBNZ expectations, with the central bank's sectoral factor inflation model due for release in a few hours' time. The rate has retraced some of the earlier ~17 pip leg lower and last trades -8 pips at $0.6668, with the kiwi underperforming its G10 peers at the margin.

  • This comes after the pair ground higher on Thursday, as participants assessed chances for a stimulus deal in the U.S.
  • Bears would be pleased by a fall below the 50-DMA at $0.6639, which would allow them to take aim at Oct 20 low of $0.6553. On the flip side, a jump above channel top/round figure at $0.6698/0.6700 would turn focus to Sep 18 high of $0.6798.
  • Next week, focus turns to New Zealand's trade balance (Tuesday), final ANZ Business Confidence (Thursday) and ANZ Consumer Confidence (Friday).
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