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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1289 FRI VS 7.1305

MNI China Daily Summary: Thursday, July 4

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Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Supported At $0.59, Consumer Confidence Falls In Q3

NZD

NZD/USD prints at $0.5930/35, the pair finished dealing little changed on Thursday.

  • The greenback couldn't sustain its gains yesterday and trimming gains through the NY session, as front end US Tsy Yields ticked lower.
  • NZD/USD found support at $0.59 and rose ~0.8% from trough to peak, with the strong Q2 GDP providing support, to sit at current levels into the close.
  • The pair still remains in a downtrend; Bears look to break $0.5859 (6 Sep low) which opens $0.5757 (low from 4 Nov 22) and $0.5728 a Fibonacci projection. Bulls focus is on a break of yesterday's high ($0.5985), which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6138).
  • AUD/NZD had it's largest fall since 1 Aug, the pair now sits a touch above $1.08 handle having breached the 200-Day EMA.
  • Westpac Consumer Confidence fell in Q3 to 80.2 from 83.1.
  • On the wires in ~90 minutes is August Trade Balance, there is no estimate for the print. The prior read was a deficit of $1.107bn.
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