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Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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KIWI: NZD/USD has slid as the week starts with a broad risk aversion, stemming
from a mix of factors documented earlier. A worry about a potential resurgence
of Covid-19 in China and a second wave of infections in the U.S. is denting risk
appetite, even as the situation within New Zealand remains stable.
- We've had some NZ data out this morning. REINS house sales declined 46.6% Y/Y
in May after sliding 78.5% in Apr, while services PMI improved to 37.2 from
25.7. Food price index fell 0.8% M/M vs. the prev. reading of +1.0%.
- The rate last deals at $0.6425, 21 pips worse off. Bears look for a dip below
the 200-DMA & 23.6% retracement of the Mar 19 - Jun 10 rally at $0.6321.
Conversely, bulls need a rebound above Jun 10 high of $0.6584 to regain control.
- Looking ahead, NZ Westpac Cons. Conf. hits on Tuesday, BoP current a/c balance
comes out Wednesday & GDP data is due Thursday.

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