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KIWI: NZD/USD last deals at $0.6802, a touch lower on the day, after advancing
50 pips Friday. The rate added a handful of pips in Friday's Asia-Pacific
session, as the impact of weak Chinese trade data was countered by an earlier
strong NZ building construction work put into place print. USD weakness provided
support thereafter, inspired by a particularly disappointing U.S. NFP headline
- Worth mentioning today the pair has come under some early pressure from softer
than exp. Chinese credit data, released on Sunday, but gradually moved towards
- Elsewhere, NZ card spending printed at +0.9% M/M vs. exp. of +0.3% & the prior
- Bears keep an eye on the 55-DMA at $0.6794 and the next layer of support below
is provided by the 100-DMA, located at $0.6780. On the topside, initial focus
falls on $0.6811, which capped gains on Friday, ahead of the 21-DMA at $0.6818.
- NZ focus next week will fall on BusinessNZ m'fing PMI due Friday.