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NZD/USD edged higher Wednesday, despite initially plunging to a two-week low after the release of disappointing activity data out of China. Broader greenback sales coupled with firmer commodity prices helped push the rate higher.
- Today focus turns to New Zealand's own GDP report for Q2, with BBG consensus looking for a quarterly growth of 1.1% and annual growth of 16.1%.
- Australian jobs data may also provide some interest today, in case we see any trans-Tasman spillover into NZD.
- Later this week, BusinessNZ/BNZ will publish the results of their PMI survey covering August. In July, expansion in the manufacturing sector accelerated to the third-fastest pace on record.
- The rate has inched higher this morning and last operates +7 pips at $0.7112. A clean break above channel top at $0.7146 would mark the formation of a bullish flag pattern, bringing Sep 3 high of $0.7170 into play. Bears look for a dip through the 100-DMA which coincides with Sep 8 low at $0.7076. Below there opens the 50-DMA at $0.7009.