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Kiwi Poised For Weekly Gain, M'fing PMI Eyed

NZD

NZD/USD eked out some gains Thursday, as firmer risk appetite lent support to Antipodean currencies. The kiwi caught a bid as the BBG Commodity Index extended gains to strongest levels in more than a month. NZD/USD pierced its 100- & 50-DMAs and closed above there for the first time since Mar 22 & 17 respectively.

  • Environment Min Parker told interest.co.nz that the gov't is "actively considering" bringing forward the implementation of rules that would make local councils approve more house building.
  • NZD/USD has added 6 pips early on and last trades at $0.7176, with topside focus falling on the 61.8% retracement of the Feb 25 - Mar 25 slide/Mar 18 high at $0.7266/69. Above there opens Mar 2 high of $0.7307. Bears need a fall through Apr 7 low of $0.6997 to get some fresh impetus.
  • BusinessNZ M'fing PMI comes out shortly. The index registered at 53.4 in February.
  • Services PMI is due Monday, while quarterly CPI report hits the wires next Wednesday.

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