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Although NZD/USD lost ground into Wednesday's London morning, it managed to more than claw back losses over the last WMR fix of the quarter, with the resumption of fiscal talks between U.S. Tsy Sec Mnuchin & House Speaker Pelosi supporting risk appetite. NZD/USD extended its winning streak to three consecutive days, punching through the neckline of a double top formation, suggesting that the pattern has failed.
- The rate has added 11 pips so far and sits at $0.6628. The 50-DMA at $0.6637 is eyed for another confirmation of the double top pattern's failure. A break here would turn bullish focus to Sep 18 cycle high of $0.6798. Bears look for a dip through the 100-DMA/Sep 24 low at $0.6526/12 before targeting Sug 20 low/23.6% retracement of the YtD range at $0.6489/85.
- While the world's eyes were set on the Trump-Biden wrangling, New Zealand had its own leaders' debate yesterday. PM Ardern made pledges ranging from declaring climate emergency to eradicating child poverty, while National leader Collins promised to scrap the gun register and crack down on child abuse. The debate was widely deemed much more energetic than the leaders' previous showing, with watchers declaring a draw/marginal edge of Collins.
- FinMin Robertson cited the ruling Labour Party's plans to increase budget operating allowances this morning. Labour wants to increase allowances to NZ$2.625bn across each of the next four budgets.
- Statistics New Zealand's experimental weekly series on payday filing showed that paid jobs fell by 4,630 in the week through Aug 23 and declined by 18,730 in three weeks through Aug 23.
- Looking into the data docket, New Zealand's ANZ Consumer Confidence comes out tomorrow.