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KIWI: NZD/USD trades flat at $0.5935 as we type, holding a tight range after
Friday's sell-off. New Zealand has just released its Performance of Services
Index for April, which printed at 25.9, indicating the largest contraction on
record in the sector.
- PM Ardern confirmed on The AM Show this morning that New Zealand has joined a
group of 62 countries backing an independent inquiry into the origins of the
coronavirus pandemic. The call doesn't explicitly mention China, but will likely
draw Beijing's ire, especially given New Zealand's support for Taiwan's WTO
membership & earlier mentions re: aforesaid investigation by NZ off'ls.
- Initial support level is located at $0.5911, the low of Apr 23. A fall through
that figure would draw attention to Apr 3 low of $0.5844. Bulls need a break
above the 50-DMA/psychological barrier at $0.5998/6000 to bring May 11 high of
$0.6156 into view.
- Looking into this week's docket, New Zealand reports PPI (Tuesday), FPI
(Wednesday), credit card spending (Thursday) & retail sales (Friday).