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Free AccessRate deals little changed at $0.6334,..........>
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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.