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NZD/USD has lost altitude even as a stronger...>

KIWI
KIWI: NZD/USD has lost altitude even as a stronger than exp. PBoC fix has
supported the yuan. A deterioration in NZ business confidence, revealed by the
most recent ANZ survey, continues to weigh on the kiwi. Headline index fell to
an 11-year low of -53.5 from -52.3.
- The rate sits at $0.6272, 23 pips worse off and a touch above session lows. A
strong beat in China's Caixin m'fing PMI helped the move off worst levels, but
NZD/USD remains heavy nonetheless. 
- The cycle lows of $0.6255, touched on Sep 20 & 23, remains firmly in sight. A
break below there would open up the lower 1.0% 10-DMA envelope at $0.6237. Bulls
still target the round number/23.6% retracement of the Sep 12 - Sep 20 slide at
$0.6300/01.

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