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NZD/USD round tripped from session highs of....>

KIWI
KIWI: NZD/USD round tripped from session highs of $0.6925 and last trades at
$0.6903, a handful of pips lower on the day.
- The rate was propped up by a strong NZ trade data print and broader risk-on
flows in the first half of the session, but this faded away gradually.
- As a reminder, NZ trade balance showed a surplus of NZ$12mn vs. the prior
NZ$948mn deficit and exp. of a NZ$200mn deficit.
- Bears now look to the psychological $0.6900 level, breached yesterday. Worth
mentioning the figure capped gains last Friday. A return below would draw
bearish attention to the 21-DMA at $0.6841. Meanwhile, bulls look for a break
above $0.6918/19, where the rate peaked on Mar 20 and again yesterday, before
challenging the upper 1.0% 10-DMA envelope at $0.6937.
- Tomorrow the RBNZ will deliver its MonPol decision, with no change to the OCR
expected. Elsewhere, NZ ANZ biz. confidence due Thursday and building permits
due Friday will also provide some interest, as will any fallout from the
Sino-U.S. trade talks.

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