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NZD/USD has slipped and now trades at..........>

KIWI
KIWI: NZD/USD has slipped and now trades at $0.6571, 5 pips worse off. New
Zealand's current account deficit swelled slightly more than exp. to -NZ$6.351
from -NZ$1.037. Elsewhere, NZ gov't said that the minimum wage will be lifted to
NZ$18.90/h from NZ$17.70/h on Apr 1. The move confirms the timeline that
accompanied the 2018 pledge to bring the minimum hourly pay to NZ$20 by 2021.
- The rate lost ground Monday as markets switched into a cautious mode,
partially on the back of concerns over PM Johnson's plans to rule out any
extensions to the Brexit transition period. NZD/USD sank into the European
morning and remained limited thereafter. Underwhelming results of the latest GDT
auction kept NZD on the back foot, as headline price index dipped & whole milk
powder was the worst performer (note that volumes were increased).
- Bulls have reasons to worry as the recent rally shows symptoms of exhaustion.
A clean break under the 200-DMA at $0.6532 would signal a bearish reversal is in
place, bringing the Dec 11 low of $0.6523 into view. However, a rebound above
the Dec 13 peak at $0.6636 would see bulls back in charge.
- NZ focus turns to Thursday's GDP data and Friday's ANZ Cons. Conf. Survey.
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