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Negative Risk Sentiment Saps Strength From Kiwi

NZD

NZD/USD came under pressure on Monday after China's Premier Li offered some downbeat comments on the domestic labour market, while geopolitical risks weighed on market sentiment. The rate dipped to a new cycle low of $0.6320.

  • It last hovers just above there, at $0.6323, unchanged on the day so far. The next bearish target is provided by May 29, 2020 low of $0.6169, while bulls keep an eye on May 5 high of $0.6568.
  • The latest QV House Price Index showed that the property market remains under pressure from rising interest rates. The three months through the end of April saw continued fall in average prices and QV observed that "largest declines are occurring in locations that experience the strongest growth over the past couple of years."
  • New Zealand's card spending data will hit the wires today, with inflation expectations and BusinessNZ M'fing PMI coming up later in the week.

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