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Kiwi struggled Wednesday as risk aversion......>

KIWI
KIWI: Kiwi struggled Wednesday as risk aversion remained at the fore, with
slight risk aversion in the FX space in Asia-Pacific trade thus far, stemming
from a sharp move lower in U.S. equity index futures & a Huawei executive being
detained in Canada owing to breaches of Iranian sanctions, with the U.S. seeking
her extradition.
- Also worth noting that Fonterra revised its 2018/19 forecast Farmgate Milk
Price range from $6.25-$6.50 per kgMS to $6.00-$6.30 per kgMS, many expected a
downgrade at today's announcement.
- NZD/USD last $0.6882, below Monday's low of $0.6889, with bears now looking to
the 200-DMA at $0.6859. Bulls focus on Tuesday's session high of $0.6970.
- NZ calendar for the remainder of this week is dry, participants will be
attentive to developments in U.S.-China trade relations & the broader risk
backdrop.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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