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Kiwi Slides Past $0.7000

NZD

NZD/USD faltered Monday as risk aversion took hold at the start to the week. The kiwi took a hit early on, as post-NFP musings weighed on the commodity space. Subsequent recovery proved unsustainable and NZD/USD dipped into the WMR fix, finishing below the $0.7000 figure.

  • The rate last sits at $0.6994, virtually unchanged on the day. Bears look for a continued sell-off past Aug 2 low of $0.6953, which would bring Jul 28 low of $0.6902 into play. Bulls eye Aug 4 high of $0.7089 for initial resistance and a break here would expose $0.7105, the high print of Jul 6.
  • ANZ Truckometer Heavy Index fell 1.1% M/M in July, while the June reading was revised upward to +2.0% from +1.2%. Light traffic gauge fell 0.8% M/M after a 1.5% decline recorded in June.
  • New Zealand's card spending data come out later today. Looking further afield, food price index & inflation expectations hit Thursday, while BusinessNZ M'fing PMI is due Friday.

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