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Outlook Remains Remains Bullish

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Resumes Its Upleg

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Late Trade

KIWI
KIWI: Strong NZ Aug building permit data (+7.8% M/M; Jul -10.8%) helped support
the NZD/USD in early Asia dealing, before the rate threatened to break below
$0.6600, having a brief look below, last $0.6610.
- The rate broke support at $0.6623 on Thursday, with a chunky (~NZ$1.3bn worth)
$0.6600 option expiry at today's 10AM NY cut set to provide interest ahead of
the September 19 low ($0.6573).
- The latest NZ ANZ consumer confidence reading was unch. with the publisher
noting that it remains "around its historical average. Households remain a
little cautious about the outlook but the gap versus current conditions has
narrowed. A smaller proportion of households believe it to be a good time to buy
a major household item."
- The NZ docket thins out next week, with QV house price data providing the most
notable point of interest.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com