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KIWI: NZD/USD has held onto gains registered just ahead of the open on the back
of stronger than projected local CPI data for Q4. Both M/M and Y/Y readings
overshot market expectations, as well as forecasts from the RBNZ's most recent
MPS. NZD/USD spiked ~20 pips in reaction to the release and currently trades at
$0.6615, virtually unchanged on the day.
- To recap, the pair edged higher in European hours, only to erase all gains
into the WMR fix. Having bottomed out just shy the prior intraday low, it
recovered during the run-up of the CPI report.
- Bulls need a push above the Jan 16 high of $0.6665. This would allow them to
set their sights on the high of Jan 6 at $0.6680. Bears look for a drop below
Thursday's low/50-DMA at $0.6581/77 before targeting the Dec 18 low of $0.6554.
- NZ credit card spending hits later today. Next week, the focus turns to NZ
trade balance (Thursday) and ANZ Consumer Confidence Survey (Friday).