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Thursday's soft NZ data and broader USD........>

KIWI
KIWI: Thursday's soft NZ data and broader USD strength kept the NZD/USD cross in
check on Thursday, as the rate registered a low of $0.6635. The rate last deals
at $0.6650.
- The NZD has been largely unreactive to the latest local data release (the
monthly ANZ-Roy Morgan Consumer Conf. Index) and Fonterra revising its 2018/19
forecast for the Farmgate Milk Price from $7.00 per kgMS to $6.75 per kgMS on
the back of "stronger milk supply signals coming from some of the world's key
dairy producing regions."
- From a technical perspective bears are still eyeing the 24 Aug low ($0.6620).
- There is a limited NZ docket apparent over the next week.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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