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NZD/USD moved lower in immediate reaction to...>

KIWI
KIWI: NZD/USD moved lower in immediate reaction to a softer than expected NZ CPI
release, +0.4 Q/Q (MNI Median +0.5%), +1.5% Y/Y (MNI Median +1.6%), although the
print was in line with the RBNZ's expectations in its May MPS. The pair
knee-jerked to a low of $0.6757, before recovering to unchanged levels ~$0.6775.
- Support is noted at the hourly resistance from July 13 ($0.6747), with initial
resistance at the low from July 10 ($0.6804).
- Focus now moves to the RBNZ's sectoral inflation model, due later today.
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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