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Slow Start To The Budget Week

NZD

NZD/USD last trades at $0.7248, just shy of neutral levels, consolidating Friday's gains. The rate has stuck to a tight 13 pip range so far. Little to write home on local news from over the weekend.

  • A break above May 5/Mar 2 highs of $0.7305/07 would provide fresh bullish impetus, bringing Feb 25 cycle high of $0.7465 into view. Conversely, a fall through the 50-DMA/May 13 low at $0.7141/35 would expose May 4 low of $0.7116.
  • New Zealand's services PMI hits the wires at the bottom of the hour, PPI comes out Wednesday & credit card spending is due Friday. On Thursday, FinMin Robertson delivers the 2021 Budget.

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