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KIWI: NZD/USD last trades at $0.6424, 13 pips higher on the day, after NZD
closely tracked gyrations in AUD overnight.
- NZD/USD slipped a touch in early Asia-Pac trade as APRA strengthened its
regulations to combat contagion risk within banking groups; ANZ commented that
as a result it may have a limited capacity to inject capital into its NZ entity,
- However, this was followed by a recovery, which occurred in sync with an
upswing in AUD/USD amid reported demand for the latter cross on the back of FX
hedging from Australian exporters & short covering by leveraged funds.
- NZD/USD struggles to make substantial headway beyond the the $0.6421-23 zone,
which registered a couple of lows this month. Consolidation above opens the
23.6% fibo retracement of the Jul-Aug fall at $0.6475. Conversely, bears look
for a pullback below the trendline resistance-turned-support at $0.6405 to
regain momentum. A break would bring the recent cycle low of $0.6378 into play.
- Participants will be on the lookout for the results of the latest GDT auction
in the London afternoon. NZ credit card spending data takes focus tomorrow, with
a retail sales print coming up on Friday.