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NZD/USD last trades at $0.6624, 2 pips.........>

KIWI
KIWI: NZD/USD last trades at $0.6624, 2 pips better off. Little in the way of
immediate reaction has been noted upon the release of a better than forecasted
NZ Q1 construction work growth, which accelerated to +6.2% Q/Q from +2.7% vs.
exp. of a deceleration to +1.1%
- Thursday saw the rate trade within Wednesday's range. NZD/USD inched higher in
the Asia-Pac session after NZ 10-month budget surplus proved wider than
expected. Another uptick was noted on the back of post-ECB USD weakness, but
NZD/USD gave away nearly all of its earlier gains towards the end of the day and
closed only 3 pips higher.
- Above the 50-DMA/upper 1.0% 10-DMA envelope at $0.6634/37 opens the 38.2% fibo
retracement of $0.6939-$0.6482 at $0.6657. Bears need a dip below $0.6600 before
setting their sights on the 21-DMA at $0.6556.
- NZ data releases are concluded for the week. Focus next week will turn to NZ
Tsy Monthly Economic Indicators due Monday, as well as BusinessNZ m'fing PMI &
food price index due Friday.

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