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NZD/USD climbed 16 pips overnight and last.....>

KIWI
KIWI: NZD/USD climbed 16 pips overnight and last deals at $0.6584, supported by
comments from U.S. President Trump, who struck a somewhat warmer note re: China,
as well as a spillover from stronger than exp. yuan fix from the PBOC. NZD
briefly outperformed all of its G10 peers before ebbing off of highs.
- NZ FinMin Robertson delivered the pre-budget speech today, noting that the
gov't has identified NZ$1.bn of spending that is no longer priority and hence
will be reallocated.
- Familiar technical picture remains in play, with bulls looking for a breach of
the $0.6600 mark. Above here would bring the 21-DMA at $0.6640 into view.
Meanwhile, a pullback through the May 8 YTD low of $0.6527 would open up the
channel support at $0.6481. As a reminder, our recent MNI ANALYSIS e-mail
highlighted that NZD/USD is locked in the short-term trend channel (see
https://emedia.marketnews.com/marketnewsintl/NZDUSD_Channel.png ).
- BusinessNZ m'fing PMI and PPI figures come out on Friday.

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