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NZD/USD staged a round trip from an intraday high of $0.7151 Tuesday, in sync with a two-way swing in the DXY in response to the release of U.S. CPI data, which showed that inflation eased a tad in August. The pair continued to lose altitude later in the day as risk appetite turned sour, which gave a boost to the greenback.
- NZD/USD last sits at $0.7097, barely changed on the day. The 100-DMA/Sep 8 low at $0.7077/76 provides the initial layer of support and a break here would shift focus to the 50-DMA at $0.7006. Bulls look for a jump above Sep 3 high of $0.7170, which would expose the 61.8% recovery of the Feb 25 - Aug 20 sell-off at $0.7213.
- Stats NZ will publish quarterly BoP current account balance shortly. Tomorrow, focus will turn to the latest GDP report. Meanwhile, Chinese activity data may also provide some interest today.