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KIWI: NZD/USD has been under pressure for the majority of the Asia-Pac session,
after a brief blip higher on the back of an RBNZ statement that revealed little
in the way of fresh insight into the thought process at the central bank, as it
left its OCR unchanged at 1.75%. The relief rally to ~$0.6680 may have been a
result of a lack of reference to low NZ biz. conf. in the statement alongside
Trump lamenting the Fed's latest hike. However, NZD eased as traders realised
the statement contained little in the way of fresh info, but reiterated that the
next move in the OCR could be up or down & that its economic assessment was
"little changed" vs. August. The Bank reiterated that it "will keep the OCR at
an expansionary level for a considerable period to contribute to maximising
sustainable employment, and maintaining low & stable inflation."
- NZD/USD last deals at $0.6640, as the recent range remains in play. Bulls look
to $0.6700 which capped the pair on Friday & Wednesday, with any break opening
the 30 August high ($0.6717), while support is located at the high from Sep 19
($0.6623). The 50-DMA ($0.6665) may act as a pivot if the recent range holds.
- Focus now moves to tomorrow's NZ Consumer Confidence survey.