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Tuesday Sees NZD/USD Retreat From Fresh Cycle Highs

NZD

NZD/USD briefly showed at its best levels since Mar 2019 in Tuesday's Asia-Pac hours, before pulling back from there and grinding into negative territory, amid broader deterioration in risk appetite. Enthusiasm about research into Covid-19 vaccines from the beginning of the week faded away, with familiar coronavirus concerns taking centre stage. The rate finished a handful pips lower on the day.

  • The rate trades flat at $0.6890 as we type. Losses past Nov 13 low of $0.6811 would please bears, clearing the way to the 50-DMA at $0.6682. Conversely, a jump above yesterday's peak at $0.6919 would expose the $0.6939-42 area, which kept a lid on gains in 1Q2019.
  • New Zealand's credit card spending comes out on Friday.

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