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Kiwi Trims Losses Into Monday's Close

NZD

NZD/USD sold off sharply in Monday's London/NY crossover, before trimming some losses into the close. Gyrations in broader risk sentiment seemed to be the main driver, as a partial recovery in U.S. equity benchmarks coincided with the pair's move away from session lows.

  • The rate last trades at $0.6765, little changed on the day. Bears need a fall through Jan 6 low of $0.6733 before taking aim at $0.6703/02, which limited losses in Dec. Conversely, gains past Dec 30/Jan 3 highs of $0.6857 would open up Dec 1 high of $0.6868.
  • Realestate.co.nz said in a statement that an increase in residential property listings underpinned a 30% Y/Y increase in the national housing stock. They commented that "typically, more stock would result in cooling prices because buyers have more choice, but we haven't seen that happen yet."
  • As mentioned yesterday, nothing much on the NZ docket this week. ANZ Commodity Price Index is due Wednesday, with building approvals coming up Thursday.
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