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Rate deals little changed at $0.6334,..........>

KIWI
KIWI: Rate deals little changed at $0.6334, sticking to a tight range in early
Asia.
- NZD/USD was pressured by broader USD strength on Wednesday, with a new cycle
low registered & little in the way of notable local news flow evident for the
Kiwi. As a reminder, yesterday saw RBNZ Governor Orr offer little fresh in his
latest address, although he did go back over the support that a weaker NZD would
provide the NZ economy with. Elsewhere, a soft Australian Q2 completed
construction work print added some pressure from across the Tasman.
- The rate managed to breach support drawn off the May 23 low, closing below.
Any break below the cycle low at $0.6326 would put focus on the psychological
$0.6300 level. Below there, bears would look to the longer term downtrend
support based one range in pay since June 2018, which comes in at $0.6269 today.
Bulls need to recover the aforementioned broken support to regain some poise,
this comes in at $0.6347 today.
- Local focus will fall on the ANZ business confidence reading.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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