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NZD/USD sits at $0.6553, marginally higher.....>

KIWI
KIWI: NZD/USD sits at $0.6553, marginally higher on the day.
- The local news flow has focused on the eruption of a vulcano on New Zealand's
White Island, which led to several deaths and left dozens of people injured.
- The rate faded a touch yesterday as soft Chinese trade data from over the
weekend & protracted trade war uncertainty spilled over into the kiwi. NZD/USD
finished the day 17 pips shy of Friday's close.
- NZD/USD snapped its seven-day winning streak yesterday, charting a bearish
harami candlestick pattern, which warns that the topside momentum might be
running out of steam. The 200-DMA at $0.6539 has remained resilient so far, but
a break here would open $0.6488, the 23.6% retracement of the rally off the Oct
1 low. Bulls need to retake the Dec 6 multi-month high of $0.6576 before
challenging $0.6587, the Aug 6 peak.
- Remaining NZ releases this week include Wednesday's card spending data,
Thursday's food price index and Friday's BusinessNZ m'fing PMI. Today's Chinese
inflation data will also provide some interest.

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