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MNI China Daily Summary: Tuesday, May 30
NZD/USD last seen at $0.6814, 11 pips higher...>
KIWI: NZD/USD last seen at $0.6814, 11 pips higher on the day, albeit off of
highs, after the combination of strong Chinese official PMI data and continued
optimism re: Sino-U.S. trade talks provides support to the rate.
- The pair posted a leg lower in Friday's NY/Asia crossover, after RBNZ Gov Orr
said that the Bank's recent easing bias is "the starting point" for the new,
enlarged MPC. JP Morgan subsequently revised its RBNZ call and now exp. the Bank
to cut the OCR at both of its May & June meetings vs. the prior exp. of no
change to the OCR through mid-2020. Nonetheless, NZD/USD moved into positive
territory and finished the day 27 pips higher, as the broader risk-on theme,
linked to positive signals re: Sino-U.S. trade talks, put a bid into NZD.
- With the rate flirting with its 100-DMA at $0.6813, bulls look for a clean
breach of/consolidation above the level before attempting a move at $0.6830/34,
which represents the 50-DMA/21-DMA. On the downside, initial focus falls on
$0.6775/74, which limited losses last Thursday and Friday.
- NZ focus this week turns to NZ QV house price index due Weds, Chinese Caixin
PMI data due later today & Weds, and any fallout from Sino-U.S. trade talks.
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