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KIWI: NZD/USD last trades flat at $0.6804 after round tripping from session lows
of $0.6790, with price action largely driven by spillovers from China into the
broader risk environment. In early Asia-Pac trade, the pair came under some
pressure from disappointing Chinese credit & inflation data, released over the
weekend, but a positive start for Chinese equities brought a sigh of relief.
- Worth mentioning NZ retail card spending slowed to +0.9% M/M from the prev.
+1.8%, but still topped exp. of +0.3%.
- A familiar technical picture remains in play, with bears keeping an eye on the
55-DMA at $0.6794. The next layer of support below is provided by the 100-DMA,
located at $0.6780. On the topside, initial focus falls on $0.6811, which capped
gains on Friday, ahead of the 21-DMA at $0.6818.
- NZ focus this week turns to BusinessNZ m'fing PMI due Friday.