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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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KIWI: NZD has been the underperformer in the major space overnight, possibly
linked to the U.S.-China trade headlines from over the weekend, although there
has been a limited broader reaction to the stories.
- NZ services PMI slowed, but remained in expansionary territory, with -ve
- NZD/USD trades 15 pips back from the early lows, in the middle of its
overnight range, with little in the way of catalysts observed outside of the
aforementioned factors.
- NZD/USD support is noted at the YTD low ($0.6501), intertwined with touted
option linked support at $0.6500. A break here is likely to accelerate the move
to $0.6462 (February 02 2016 low), ahead of the 2016 lows ($0.6348). Resistance
is located around $0.6640.
- It is a busy week for the NZ docket, with GDP input data set hit, ahead of the
Q2 GDP release on Thursday, while the Q3 Westpac Consumer Confidence metric will
hit on Wednesday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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