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NZD/USD held post-GDP gains throughout the.....>

KIWI
KIWI: NZD/USD held post-GDP gains throughout the European and U.S. sessions
Thursday, allowing the pair to close above the 50-DMA for the first time since
early April. NZD/USD now sits on gains of close to 3%, having rallied for 7 of
the past 8 sessions. Rate last deals at $0.6685, little changed in early
Asia-Pacific dealing.
- Bulls now look to the 30 August high ($0.6717), while initial support is
located at $0.6650.
- NZ focus now turns to next week's RBNZ MonPol decision, with the fact that
growth in Q2 provided a comprehensive beat vs. the Reserve Bank's Q2 estimate
(0.5% Q/Q) allowing some to suggest that the Bank has room to alter its
rhetoric, which has taken on a dovish twist since Gov. Orr took the reins. As a
reminder all of those surveyed expect the OCR to be left unchanged next week.
Market now prices ~7bp worth of easing through the end of June 2018 vs. ~10bp
pre-GDP yesterday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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