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KIWI: NZD also benefitted from Chinese Premier Li's comments re: not devaluing
the CNY to promote exports.
- This came after NZD/USD proved to be immune to soft NZ consumer confidence
data & a wider than exp. NZ current a/c deficit.
- Whole milk powder prices fell 1.8% in the last GDT auction (in the London
afternoon on Tuesday), fairing slightly better than 4% fall that futures were
implying. Elsewhere the headline GDT index fell by 1.3%. NZD shrugged off the
latest auction result (as has largely been the case in recent times).
- NZD/USD last deals at best levels ~$0.6605. $0.6640 provides the key
resistance area. Support is noted at Monday's low ($0.6539), with longer term
support noted at the YTD low ($0.6501), intertwined with touted option linked
support at $0.6500.
- Tomorrow's NZ GDP release headlines the NZ docket this week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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