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ANZ: Difficult To See The USD Downtrend Stopping

KIWI

ANZ note that the "NZD remains elevated and was buoyed by the very
dovish FOMC Statement, which saw the USD DXY index fall to a fresh low for the year. However, with no change in policy and no hints given in the progress of the Fed's monetary policy framework (which many expect to lead to a tilt towards an average inflation or inflation make-up strategy - i.e. targeting higher inflation after a period of low inflation), there was no catalyst for an outsized move. The NZD isn't benefiting from USD weakness as much as others, but bids are never far away, and a break to the topside looks to be building. Difficult to see the USD downtrend stopping."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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