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KIWI: NZD/USD last deals at $0.6289, virtually unchanged on the day.
- The rate faced some pressure from the off yesterday, after BBG reported that
China narrowed the scope of issues it wants to discuss in trade talks with the
U.S. at this stage. That said, NZD/USD recovered rather quickly and for the most
part traded within a very tight range through the Asia-Pac session. However, it
sold off into Europe breaking under the $0.6300 mark and despite briefly showing
just above the level around the WMR fix it remained at depressed levels.
- NZ focus remains on U.S.-China trade matters, as investors weigh conflicting
signals. Fox reporter Lawrence tweeted yesterday that China wants to strike a
partial trade pact covering matters already agreed upon & set out timetable for
discussing harder issues. Meanwhile, the U.S. blacklisted 8 Chinese tech firms.
- Bearish attention is drawn to $0.6255, the low of Sep 20/Sep 23/Oct 3 & 61.8%
retracement of Oct 1-4 rally. Bulls look for a break above the $0.6318 21-DMA.
- Later today, NZ gov't will release its 12-month financial statements. NZ food
price index comes out on Thursday, while BusinessNZ m'fing PMI and card spending
figures are due for release on Friday.