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NZD/USD manages to shake off some headwinds....>

KIWI
KIWI: NZD/USD manages to shake off some headwinds that became apparent in the
NY/Asia crossover, last dealing up 6 pips at $0.6380.
- The headwinds were:
- 1) Further uncertainty and delay surrounding Fonterra's latest earnings
report, which it confirmed will represent a loss, with "recent, substantial
asset writedowns" delaying the release.
- 2) ANZ now looking for the RBNZ's OCR to be cut to 0.25% by the end of the May
2020 meeting.
- After recovering broken downtrend support on Wednesday bulls now look to
breach the nearby 21-DMA at $0.6390, which would open up $0.6400 after after the
psychological level capped in NY hours. A weekly close above here would allow
bulls to focus on old, broken support at $0.6482.
- Q2 manufacturing data headlines the NZ docket next week.
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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