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NZD/USD last seen at $0.6845, 8 pips worse.....>

KIWI
KIWI: NZD/USD last seen at $0.6845, 8 pips worse off. NZD modestly underperforms
its G10 peers, weighed on by a soft Westpac cons. conf. data, which slid to
103.8 from 109.1 in Q1.
- The rate finished a handful of pips higher on Monday after round tripping from
intraday highs of $0.6874, touched in the Asia/European crossover on the back of
positive risk appetite and USD's pre-FOMC fragility. However, the pair then
erased most of its earlier gains.
- Worth mentioning yesterday NZIER lowered its NZ 2019 economic growth forecast
to +2.8% Y/Y from the prev. +3.0%.
- The initial bearish target is provided by the 21-DMA at $0.6832. Below here
opens $0.6818, which represents the 50-DMA. Meanwhile, bulls look to yesterday's
peak and a breach of that level would allow them to attempt a run at the upper
1.0% 10-DMA envelope, located at $0.6893.
- NZ highlights this week include domestic current account data due tomorrow and
Q4 GDP due Thursday.

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