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NZD/USD sank on Tuesday, as risk aversion......>

KIWI
KIWI: NZD/USD sank on Tuesday, as risk aversion took hold, weighing on commodity
FX. A weaker than expected PBoC fix didn't help the kiwi either. Subsequent
recovery brought only a partial unwinding of the initial losses.
- NZ Treasury released its financial statements for the 10 months through Apr 30
this morning. New Zealand reported a smaller than expected budget deficit,
though net debt of GDP swelled to 25.3% vs. projections of 24.6%.
- The rate remains a tad heavy and trades -15 pips at $0.6499. A fall through
Tuesday's low of $0.0.6469 would allow bears to set their sights on the 200-DMA
at $0.6321. Bulls need a clearance of Tuesday's peak at $0.6580 before taking
aim at the psychological $0.6600 barrier.
- New Zealand's m'fing activity will be released shortly, card spending hits the
wires on Thursday and BusinessNZ M'fing PMI is due on Friday.

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