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Forex: Kiwi prints fresh 2013 lows

NZD/USD is last at 0.8213, off fresh 2013 lows at 0.8206, printed on the back of heavy selling in China's Shanghai Composite index, losing more than -2.5% for the day. Weak China non-manufacturing PMI data over the weekend, showing worst figure in 5 months, coupled with global equity markets in the red, have pushed Kiwi and Aussie to the downside, now NZD/USD -0.4% underwater for the session.

Lack of domestic data over the week will lead Kiwi to be driven “by news from central bank meetings, the US non-farm payroll data and any further news around the US spending cuts,” said Westpac currency strategist Imre Speizer, as reported by Lucy Craymer for Dow Jones. The Kiwi is still higher by +3.44% in last 6 months, retracing from a multi-month high at 0.8534.

Immediate support to the downside for NZD/USD lies at recent fresh session/2013 lows 0.8206, followed by Dec 30 lows at 0.8190, and Dec 03 lows at 0.8170. To the upside, nearest term resistance shows at Feb 27 lows 0.8225, followed by session highs at 0.8250, and Jan 28 lows at 0.8280.

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