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KIWI: NZD/USD last deals little changed at $0.6678. The lack of outright
commitment to an August cut in the RBNZ's latest MonPol decision (although a
clear easing bias remains, with many looking for an August cut) & broader
commodity FX related strength evident Wednesday allowed the rate to print at the
highest levels seen since April 19, extending on the recent rebound from key
long term trend support drawn from the 2015 lows. The initial spike lower on the
back of the RBNZ decision was quickly reversed, with some pointing to an
erroneous tweet from a third party provider which indicated a rate cut (looked
like an accidental repeat of last month's decision) as a partial reason for the
initial spike lower. Bulls look to clear the 100-DMA & psychological resistance
at $0.6698/0.6700 before challenging the 200-DMA/mid-point of the YtD range at
$0.6711/12. Bears looks for a quick move back below the 38.2% retracement of the
move from the YtD peak to low at $0.6658 and broken downtrend resistance drawn
from the Mar 21 high at $0.6657.
- The latest ANZ business survey provides the highlight of today's domestic