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KIWI: NZD/USD has gained traction after New Zealand's Treasury Department
reported the widest budget surplus in 11 years.
- NZ budget surplus came in at +NZ$7.51bn, topped both last year's score of
+NZ$5.53bn and projections of +NZ$3.47bn this year.
- NZ FinMin Robertson noted that "the gov't's books are indeed in good shape"
and put the country in a good position to face poorer international economic
outlook. He added that NZ Tsy is already forecasting a much smaller surplus next
year amid increased spending.
- NZD may have been additionally supported by yuan appreciation, inspired by a
slightly stronger than exp. PBoC fix, as well as hopes for progress during the
upcoming round of U.S.-China talks (despite yesterday's blacklisting of some
Chinese tech companies by the U.S.).
- NZD/USD last trades at $0.6318, 29 pips better off. The rate is threatening to
break above its 21-DMA at $0.6819, which would shift bullish focus to the Oct 4
high of $0.6337. Bears look for a retreat back below the $0.6300 mark.