The NZD/USD is opening higher as the market focuses on positive signals from the weekend's Chinese data releases as well as news of a European Union bailout for Spain's banks, says ANZ Bank in a morning report. The pair is at 0.7756 versus 0.7638 late Friday. However, "while topside moves may be justified by many, the reality remains the European situation has not, and will not, change in the short term." As a result, any extensions higher will be met with more strategic NZD selling, ANZ says. It puts support at 0.7690.
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