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KIWI
KIWI: NZD has been the underperformer, possibly linked to the U.S.-China trade
headlines from over the weekend, although there has been a limited broader
reaction to the stories. NZD/USD last deals 30 pips or so softer at ~0.6540.
- NZ services PMI slowed, but remained in expansionary territory, with -ve
revisions.
- 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 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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