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NZD/USD advanced since the London midnight,....>

KIWI: NZD/USD advanced since the London midnight, topping out at $0.6614, as
risk assets were bid. However, the rate eased off thereafter, as today's
ministerial Sino-U.S. trade negotiations concluded without any breakthrough and
the U.S. raised tariffs on China, as planned, with Beijing pledging retaliation.
This prompted NZD/USD to erase its earlier gains.
- An uptick in NZD/USD was noted after Westpac said that they no longer expect
the RBNZ to cut the cash rate to 1.25%.
- NZD/USD last deals at $0.6588, marginally lower on the day. Bears remain
focused on the lower 1.0% 10-DMA envelope at $0.6554, while bulls need to retake
$0.6600 before challenging the the downtrend resistance at $0.6618.
- Looking at the next week's docket, NZ food prices come out on Monday, NZ
Finance Minister will deliver his pre-budget speech on Thursday, while
BusinessNZ m'fing PMI hits on Friday. Any developments in Sino-U.S. trade
relations will also provide interest.

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