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KIWI: NZD/USD has stuck to a narrow range in early dealing, last trading at
$0.6625, 5 pips or so higher on the day.
- The rate has exhibited little reaction to the weekend's Chinese PMI data and
the latest round of Fonterra milk collection data.
- The rate had a brief look below $0.6600, but options related support was noted
ahead of a chunky expiry at the 10 AM NY cut. Friday's low ($0.6599) provides
initial support, followed by the 19 September low ($0.6573). Initial resistance
is noted at Friday's high ($0.6640).
- The NZ docket thins out this week, with QV house price data providing the most
notable point of interest.