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NZD/USD sits at $0.6651, a touch higher on.....>

KIWI
KIWI: NZD/USD sits at $0.6651, a touch higher on the day, after a bullish
outside day charted on Wednesday, with the rate finishing 41 pips better off.
- The pair edged lower in Wednesday's Asia-Pac session, weighed on by a negative
FPI in NZ, as well as sluggish PPI and non-food CPI in China. A peculiar ~30 pip
knee-jerk lower was noted at one point, as reported stops were triggered.
- The bulk of the intraday move was due to Fed Chair Powell's remarks, which
turned USD sour. Powell reinforced exp. for a rate cut in June, as he pointed to
trade uncertainties, slowing global growth and below-target inflation.
- Wednesday's rally in NZD/USD met resistance at $0.6657, the 38.2% fibo
retracement of the slide from $0.6939 to the YtD low. A clean break above would
open the 100-DMA, which intersects with the Jun 7 peak at $0.6682. Conversely, a
pullback through the 21-DMA at $0.6621 would return focus to the $0.6600 mark.
- RBNZ Gov Orr spoke at a close-doors event before hours, didn't mention
MonPol/econ outlook. The text of his speech is available at the RBNZ website.
- The immediate focus turns to NZ card spending data, due shortly. REINZ house
sales and BuzinessNZ manufacturing PMI are expected on Friday.
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