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Takes Flight As Risk Appetite Returns

KIWI

NZD/USD rallied Wednesday amid a broader return of risk appetite. The rate bounced off its 50-DMA and nearly erased Tuesday's losses, as the kiwi rose in tandem with its high-beta peers.

  • The rate trades flat at $0.6683 at typing. A clearance of Sep 4 high of $0.6735 would allow bulls to take aim at Sep 2/Jul 19, 2019 highs of $0.6789/91. On the flip side, a convincing breach of the 50-DMA at $0.6617 would open up Aug 20 low of $0.6489, a key near-term support.
  • New Zealand's card spending data comes out shortly. BusinessNZ M'fing PMI & food price index are due tomorrow.

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