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NZD/USD managed to reverse Wednesday's early...>

KIWI
KIWI: NZD/USD managed to reverse Wednesday's early losses, to print a high of
$0.6805 on the day, testing that level early on overnight before faltering, to
last deal at $0.6785, hampered by the move higher in the AUD/NZD cross in the
wake of the strong AU labour market report & higher U.S. yields.
- Failure to gain traction above the 21-DMA ($0.6804) continues to worry bulls
(corresponding with the highs made over the last 24-hours), with bears looking
to the 2018 low ($0.6688) after the upside impetus from the higher RBNZ CPI
model reading faded.
- Looking forwards the AUD/NZD cross may be the driving force behind NZD/USD in
the short term, with next week's NZ trade balance providing the next domestic
risk event for the NZD.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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