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NZD/USD sits at $0.6560, virtually unchanged...>

KIWI: NZD/USD sits at $0.6560, virtually unchanged on the day.
- Yesterday's release of a gloomy ANZ business confidence survey delivered a
blow to the kiwi, prompting BNZ to lower their RBNZ call. A rate cut at next
week's meeting is pretty much baked in, with the BBG WIRP tool indicating a ~95%
chance of a 25bps reduction to the OCR next Wednesday.
- European & U.S. hours saw NZD/USD fluctuate within a symmetrical ~20 pip range
either side of $0.6600, ahead of the key FOMC decision.
- The Fed delivered the expected 25bps rate cut, but also said that the move is
a "mid-cycle adjustment" rather than a beginning of a lengthy easing cycle.
Doves were left disappointed, which put a bid into USD. NZD/USD took a dive on
the decision and Fed Chair Powell's presser, finishing 55 pips worse off.
- Bears eye the lower Boll band (2%) at $0.6544. A break would reassure bears,
shifting their focus to the trendline support at $0.6520. Bulls would be pleased
by clearances of $0.6600 & the channel support-turned-resistance at $0.6606.
- China's Caixin m'fing PMI draws NZ attention today. The ANZ will publish its
NZ consumer confidence survey tomorrow.

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