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Monday's Asia-Pac hours saw NZD/USD trade on a softer footing, as New Zealand's coronavirus situation & local MonPol dynamics pressured the Kiwi. The rate recoiled later in the day, as U.S. equities re-opened higher, denting the greenback. NZD/USD extended gains late doors amid a fresh bout of NZD purchases, likely linked to AUD/NZD flows, as the Antipodean cross probed the water below NZ$1.1000. Despite ebbing off highs into the close, NZD/USD finished the day in positive territory and above its 50-DMA.
- NZD/USD sits marginally shy of neutral levels, last at $0.6555. Bears look for a dip through Aug 17 low of $0.6520 before targeting Jul 14 low of $0.6503. Bulls look for a break above the round figure of $0.6600, which limited gains on Aug 12. This would expose Aug 11 high of $0.6627.
- New Zealand's credit card spending data is due Friday.