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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, with pressure on the AUD spilling over into the NZD early on
Friday, although NZD/USD failed to breach Thursday's low ($0.6635) as China's
stronger than exp. official PMI readings provided some respite. From a technical
perspective bears are still eyeing the 24 Aug low ($0.6620).
- The NZD was 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."
- 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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