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NZD/USD staged a mini-round trip from..........>

KIWI
KIWI: NZD/USD staged a mini-round trip from $0.6391 as an upbeat FT report re:
U.S.-China trade relations helped the kiwi shake off its initial weakness. Worth
highlighting that the piece is more guarded than the headline, which read simply
"U.S. considers removing some tariffs on China."
- ANZ published their NZ commodity price index earlier today, the figure rose by
1.2%. Elsewhere, RBNZ Gov Orr said that the insurance sector should work to
build public confidence (see http://tiny.cc/OrrInsurance for the speech).
- This comes after the rate charted a bearish outside day on Monday, as the
initial strength underpinned by optimism surrounding U.S.-China trade talks
dissipated amid a growing USD strength, linked to higher U.S. Tsy yields.
- NZD/USD trades $0.6407, a touch higher. Bears need a fall under yday's low of
$0.6390 before targeting the 21-DMA at $0.6361. Bulls look to take out $0.6436,
the high of Oct 22, which would open the Sep 12/Friday's peaks at $0.6451/57.
- NZ focus today turns to Chinese Caixin services/composite PMIs, as well as the
GDT auction due in the London afternoon. The local labour market report comes
out tomorrow, while REINZ house sales may hit at any point this week.

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