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KIWI: The flightless bird opened in Asia at $0.7287 at the lower side of
yesterday's $0.7281 to $0.7331 range, where softer commodities, CRB down 1.17%
and hawkish rhetoric from Fed's Dudley placed the kiwi on the defensive. There
is no data or scheduled events in Asia likely to influence direction, local
traders expect sideways consolidation with a mild downside bias. The next risk
event is seen at tonight's Global Dairy Trade Auction, dairy futures are pricing
a rise of around 4% in whole milk powder prices. Support lies at $0.7252/53
(Aug10-11 lows and possible double bottom), while hourly resistance is located
around $0.7300. Kiwi is currently changing hands at $0.7288.