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Fresh Cycle Lows


Equity Roundup: Bear Cycle Continues

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KIWI: NZD/USD has come under some pressure in early Friday trade, registering a
low of $0.6524, last dealing at $0.6535. Some pointed to a moderation in NZ net
inbound migration as the catalyst for the modest move lower.
- This comes after risk aversion pressured the cross Thursday, although the move
lower in U.S. yields limited losses for the rate.
- Familiar support and resistance levels remain in play. The 50-DMA ($0.6589)
provides the initial resistance level, closely followed by $0.6600 on any break
above, while initial support is noted at $0.6460.
- NZ trade data headlines the local docket over the next week or so.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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