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Negative Risk Backdrop Keeps Sapping Strength From Kiwi, Local Markets Close

NZD

Sombre mood music created headwinds for NZD/USD Thursday as global recession fears lingered, while BBG Commodity Index slumped to its lowest point since Mar 16. Recovery in U.S. equity benchmarks lent support to the pair in NY hours, but it still finished the day below neutral levels.

  • The rate last deals at $0.6279, barely changed on the day. If we get below Jun 22 low of $0.6244, bears would set their sights on Jun 14 low of $0.6197. Bulls need a break above Jun 16 high of $0.6396 before challenging Jun 3 high of $0.6576, a key near-term resistance level.
  • As a reminder, New Zealand financial markets are shut today, in observance of a local public holiday.
  • Worth keeping an eye on comments from RBA Gov Lowe today in case they provoke any trans-Tasman spillover.
  • Coming up next week we have ANZ Business Confidence (Thursday) as well as ANZ Consumer Confidence, CoreLogic House Price Index & building permits (Friday).
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