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KIWI: NZD/USD last deals at $0.6427, barely changed on the day.
- The rate dropped in early Asia-Pac trade on Friday after the latest BusinessNZ
PMI survey indicated contraction in NZ m'fing sector. NZD/USD recovered
thereafter, but slid again into the London morning as the greenback grew firmer.
Subsequent recovery attempts held shallow & the rate finished 20 pips worse off.
- Bears look for a break under the $0.6423-21 zone, which registered several
lows this month, with a trendline resistance-turned-support intersecting today
at $0.6423. Below would shift focus to the $0.6400 mark. Bulls look to Friday's
high of $0.6449. A break here would encourage them to target the 23.6% fibo
retracement of the Jul-Aug fall at $0.6475.
- RBNZ Asst Gov Hawkesby told MNI that the central bank is prepared to cut rates
into negative territory and consider additional measures such as QE and FX
intervention "if and when there is a negative shock" to the NZ economy.
- NZ services PMI & PPI figures headline domestic docket today. Credit card
spending and retail sales will be published on Wednesday and Friday