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Kiwi Steady On Return From Long Weekend, RBA Rate Decision Eyed

NZD

NZD/USD failed to cling onto its initial gains on Monday and retreated into negative territory over the WMR fix. Liquidity was thinned by a public holiday in New Zealand.

  • Recovery from a two-year low printed on May 12 has stalled over the recent days, with the rate largely trading sideways.
  • NZD/USD last changes hands at $0.6492, virtually unchanged on the day. Downside technical focus falls on Jun 2 low of $0.6461, followed by May 24 & 25 lows of $0.6423. Bulls need a break above Jun 3 high of $0.6576 to regain poise.
  • Participants look ahead to the release of New Zealand's manufacturing activity & card spending data on Friday.
  • In the meantime, all eyes are on Australia today, where the RBA is set to announce its monetary policy decision.

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