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KIWI: NZD benefitted from a modest uptick in retail card spending in the month
of June, although total card spending moderated. Westpac noted that "retail
spending levels rose by 0.8% in June. That was a bit above analysts' forecasts.
Although we have seen some moderate gains in spending in recent months, the
trend in retail spending has clearly softened over the first half of 2018. In
fact, comparing spending in the three months to June with the preceding three
months, spending levels have essentially been flat."
- NZD/USD bulls will have taken comfort in support emerging ahead of the $0.6674
May 2016 low, that, along with correcting oversold studies, provided the impetus
for a bounce last week, the cross last deals at $0.6850. This week bulls look
for a close above the 55-DMA ($0.6932) to hint at a move back to $0.7059-0.7157.
Bears now need a close below $0.6797 to ease pressure on the 21-DMA and below
$0.6741 to reconfirm focus on $0.6674-86.