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NZD/USD last trades at $0.6494, almost.........>

KIWI
KIWI: NZD/USD last trades at $0.6494, almost unchanged on the day. NZ services
PMI comes out at the bottom of the hour.
- This comes after a combination of a disappointing BusinessNZ m'fing PMI print
and spillovers from Australia and China prompted the pair to finish 76 pips
worse off Friday; the kiwi was comfortably the worst G10 performer. The
aforementioned release was followed by revisions to RBA calls from RBC & NAB,
who now exp. more easing from the central bank, as well as the release of
sluggish macroeconomic indicators out of China. Broader risk-off tone,
underpinned by softer equity markets & U.S.-Iran tensions, also worked against
NZD.
- Friday's slump allowed NZD/USD to bottom just a handful of pips above its YtD
low at $0.6482. A break here would open the lower 2.0% 10-DMA envelope at
$0.6452. Bulls look to recover $0.6500 before challenging the lower 1.0% 10-DMA
envelope, which kicks in at $0.6517.
- Later in the week, NZ focus turns to Westpac cons. conf. survey due Tuesday
and BoP c/a data due Wednesday, ahead of Thursday's publication of Q1 GDP.

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