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MNI BRIEF: Aussie Unemployment Holds At 3.7%, Employment Solid

MNI: PBOC Net Drains CNY220 Bln Thursday via OMO

CHINA PBOC INJECTS CNY110 BILLION VIA 7-DAY REVERSE REPOS THURS

Australia Aug Unemployment 3.7%

MNI:AUSTRALIA AUG UNEMPLOYMENT RATE +3.7%

Japan Jul Machine Orders -1.1% M/M

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

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The earlier broad USD weakness elevated the....>

KIWI
KIWI: The earlier broad USD weakness elevated the pair to highs of NZ$0.7365,
before fading. Next resistance is seen at NZ$0.7373/86 (50% NZ$0.7437-0.7308,
Feb21 high), a break of the NZ$0.74 handle opens NZ$0.7437 (Feb16 high). Support
at NZ$0.7308/07 (Intraday low, 50% NZ$0.7177-0.7437).
Main focus turns to the release of NZ Q4 Retail Sales tonight at 2145GMT.
Analysts at ANZ have pencilled in a 1.2% q/q lift in total sales volumes, which
would certainly be a jump from Q3's modest 0.2% q/q growth (although that, in
part, was impacted by an unwind in hospitality-related spending following some
key tourist events in Q2).
- Westpac expect the December quarter retail spending figures will show that New
Zealand households ended 2017 with a bang. We're forecasting a 1.4% gain in
spending over the quarter. Monthly spending figures have shown solid increases
in core spending categories in recent months.
- TD Securities expect volumes to lift by +2.0%/qtr. An outcome that strong is a
decent start to Dec qtr GDP, given it accounts for 61% of GDP(E).
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