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Will Kiwi Hold at 6500?
The slowdown in Chinese growth has had a very negative impact on the commodity currencies and kiwi was no exception as it’s been on essentially a one way ride to the bottom the whole summer long dropping more than 1100 points from its top in May. However, despite the continuing drumbeat of bad news the pair has held the 6500 level three times.
Tonight the market will get a reading of NZD Retail Sales which are expected to print at 0.5% versus 2.7% the month prior. if the data comes in line with consensus forecast the kiwi is likely to hold its support level as trader will conclude that conditions have stabilized -- but if the number prints negative another test of the recent lows could be in store and a break if the 6500 level could usher in further selling towards the 6200 figure over the near term horizon.