NZD/USD reverses early Asia losses, consolidates the heaviest daily losses in two weeks. China inflation figures crossed forecasts for July even as CPI YoY eased below prior readings. Convergence of 100-SMA, three-week-old support line back the corrective bounce. Bulls need a clear break of immediate resistance line for conviction. NZD/USD picks up bids to 0.7013, up 0.06% intraday, during early Monday. In doing so, the kiwi pair reverses the initial losses, backed by China’s strong inflation figures. China’s headline Consumer Price Index (CPI) MoM rose past +0.2% market consensus and -0.4% prior to +0.3% in July ... (full story)