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KIWI: NZD/USD shed 67 pips yesterday as USD grew firmer on the back of
heightened hopes for a fiscal response to the coronavirus crisis from the U.S.
gov't. Meanwhile, the kiwi was limited as NZ FinMin Robertson noted that the
RBNZ has room to loosen MonPol & urged banks to pass on any potential rate cuts.
Elsewhere, RBNZ Gov Orr outlined the unconventional MonPol toolkit, noting that
these instruments are not needed at present.
- NZ retail card spending rose 0.6% M/M in Feb vs. est. of a 0.3% decline. Stats
NZ said that the reading was boosted by spending on groceries and it's "possible
that increases in supermarket sales resulted from concerns around COVID-19."
- The rate last sits -9 pips at $0.6261. It remains confined to yesterday's
range, with bears looking for a breakout to the downside. Below yesterday's
trough at $0.6243 would expose the Mar 9 low of $0.6014. Bulls keep an eye on
the 38.2% retracement of the Dec 31 - Mar 9 slide/round figure at $0.6297/6300.
Above there would clear the way to yesterday's high of $0.6360.
- BusinessNZ m'fing PMI & Food Price Index will be released out of NZ Friday.