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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 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 last trades unchanged, just above $0.6900.
- 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, which was tested overnight), 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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