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KIWI: NZD/USD has shed 18 pips and operates at $0.6589, the lowest levels since
mid-December. Well-documented worry surrounding the spread of Wuhan Coronavirus
has been the key driver inspiring participants to shy away from Antipodean FX. A
Sydney Morning Herald report re: potential fifth infected patient in Australia
added to the existing concern over developments in China and elsewhere. Similar
worries sapped kiwi strength Friday, inspiring NZD/USD to finish a handful of
pips worse off.
- Earlier today, Statistics NZ revised their reading of NZ employment change for
Q3 to +1.0% Y/Y from +0.9%.
- The rate trades slightly away from its worst levels at typing. It had a brief
look under the 50-DMA at $0.6581 and bears look for a sustained break below
there, before targeting the Dec the Dec 18 low of $0.6554. Conversely, a return
onto the $0.6600 handle would allow bulls to target the Jan 16 high of $0.6665.
- Under the microscope this week, we have New Zealand's trade balance (Thursday)
and ANZ Consumer Confidence Survey (Friday). Worth reminding that the Auckland
region observes a regional holiday today.