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NZD/USD dropped 31 pips Wednesday, while the...>

KIWI: NZD/USD dropped 31 pips Wednesday, while the kiwi lost ground vs. all of
the other G10 currencies, as it found itself pressured by persistent worries re:
Sino-U.S. trade tensions. Focus yesterday turned to suggestions that China may
weaponise its rare earths exports to the U.S. 
- After fluctuating within a narrow range in Asia-Pac hours, as investors
weighed signals re: global trade, the pair slid through the day, consolidating
around $0.6510 towards the close.
- NZD/USD is steady at $0.6513. A dip below the $0.6500 mark would open up the
downtrend resistance-turned-support/May 23 YtD low of $0.6484/82. Bulls look to
retake the May 27/28 lows of $0.6559, which also represent the 21-DMA.
- NZ building approvals are due shortly, while later today NZ Tsy Sec Makhlouf
will present the 2019 budget to parliament. This comes after the release of
parts of the budget by the opposition prompted a blame game. NZ Tsy claimed that
their IT system has been hacked, but the police denied that the leaks were
illegal, with FinMin Robertson criticising how the Tsy handled the affair.
- NZ ANZ consumer conf. & FinMin Robertson's budget speech are due tomorrow.

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