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KIWI: NZD/USD finished a tad higher Tuesday, extending its rebound from worst
levels since 2015. The rate ticked higher in Asia thanks to the RBA's decision
to "only" deliver a 25bp cut & some relatively optimistic overtones in rhetoric
from the Martin Place, which spilled over across the Tasman. Later in the day, a
50bp rate cut delivered by the Fed inspired a spike in NZD/USD, as the greenback
took a hit. The rate faded most of that move into the close.
- The results of the latest GDT auction, released in the London afternoon,
attracted little attention, given the broader picture developments. Headline
price index fell 1.2%, with whole milk powder prices declining 0.5%.
- Already out this morning we had NZ building permits, which fell 2.0% M/M.
Elsewhere, New Zealand confirmed its second coronavirus case in Auckland.
- NZD/USD trades at $0.6272, 3 pips worse off with Antipodean FX struggling
somewhat at typing. The Mar 2 low of $0.6180, remains the key near-term bearish
target. Above Tuesday's peak at $0.6325 would draw topside attention to the Feb
27 high at $0.6335.
- Domestic focus turns to vol. of all buildings (Friday).

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