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July 02, 2018
• Resurgent USD demand prompts some aggressive selling on Monday.
• Weaker commodities/softer Chinese PMIs did little to lend any support.
• Traders now eye US ISM manufacturing PMI for some fresh impetus.
The NZD/USD pair continued losing ground through the mid-European session and dropped to fresh 25-month lows in the last hour.
After Friday's attempted recovery move, resurgent US Dollar demand prompted some fresh selling at the start of a new trading week and was seen as one of the key factors weighing heavily on the major.
Adding to this, deteriorating market risk sentiment and weaker commodity prices exerted some additional downward pressure on perceived riskier/commodity-linked currencies - like the Kiwi.
Meanwhile, slightly weaker than expected official Chinese PMI prints released over the weekend and today's Caixin Manufacturing PMI also did little to ease the bearish pressure surrounding the major and stall the ongoing slump to the lowest level since late May 2016.
Currently trading around the 0.6735-30 region, traders now look forward to the US ISM Manufacturing PMI, a key highlight from today's US economic docket, for some fresh impetus ahead of the NZIER Business Confidence index, due for release during the early Asian session on Tuesday.
Technical levels to watch
Immediate support is pegged near the 0.6725 area, below which the downfall could further get extended towards the 0.6700 handle en-route May 2016 lows support near the 0.6675 level. On the flip side, any meaningful recovery attempts back above mid-0.6700s might now confront fresh supply near the 0.6790-0.6800 region and is followed by resistance near the 0.6835 level.
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