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KIWI: NZD/USD last seen at $0.6430, almost unch. on the day. RBNZ Gov Hawkesby
told ABC that New Zealand's central bank realises that its capital rules
proposals are a contentious issue and therefore is "keen to take it slowly."
- For the most part, NZD/USD moved in sympathy with AUD/USD yesterday. It eased
off after dovish minutes from the RBA's Nov MonPol meeting and bounced later on
as risk appetite picked up slightly, while RBA watcher McCrann downplayed the
chances of the RBA loosening policy in Dec in his latest piece. There was little
immediate reaction to a strong GDT auction, which saw headline price index &
whole milk powder prices rise further, inspiring several sell-side desks to
upgrade their Fonterra & A2 milk price forecasts. However, these revisions may
have helped NZD stay afloat and finish the day atop the G10 pile.
- The rate is testing its 100-DMA at $0.6434 and a firm push through the level
would draw bullish attention to the Nov 4 high of $0.6466. On the flip side,
bears look for a retreat below the $0.6400 mark before targeting the 50-DMA,
which kicks in at $0.6346.
- Left on this week's NZ docket is credit card spending data, due Thursday.