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NZD/USD extended its bullish run Wednesday to six days in a row, as broader risk tone remained positive. The rate punched through the $0.7200 figure and printed levels last seen more than four months ago.

  • The pair sits at $0.7199 at typing, just 3 pips shy of neutral levels. The next layer of resistance is located at $0.7213, which represents Jun 10 high & 61.8% retracement of the Feb - Aug 2021 sell-off. Above there opens Jun 7 high of $0.7243. Bears look for a pullback under Sep 3 high of $0.7170 towards the 200-DMA at $0.7101.
  • New Zealand reached in-principle agreement to sign a post-Brexit free trade deal with the UK. The deal will remove 97% of tariffs on exports to the UK once it takes effect, while remaining levies will be removed gradually over 15 years. It is expected to boost New Zealand's GDP by NZ$970mn a year. Work on the FTA should be completed next year.
  • Participants look ahead to the release of New Zealand's credit card spending data later today.