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Trade war worry, an uninspiring dairy..........>

KIWI
KIWI: Trade war worry, an uninspiring dairy auction & fall in NZ Q2 consumer
confidence have weighed on NZD over the last 24 hours, although the Kiwi ignored
the latest round of BoP data ahead of tomorrow's Q1 GDP release.
- NZD/USD's lack of topside follow through over the past week or so and
hesitation ahead of $0.7059 combined with daily studies at overbought levels
resulted in losses, which accelerated as trade war worries gathered momentum.
Immediate focus is now back on $0.6849 (the YtD lows). Initial resistance is
seen at $0.6918 (Low June 18 now resistance), and bulls now need a close above
$0.6969 (Low June 14 now resistance) to gain breathing room.
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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