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ANZ On The NZD Outlook

NZD

ANZ note that "global markets were swept up by a strong "risk-on" vibe on Friday night, which saw the Kiwi rally past $0.73. Price action seemed more correlated to US bonds than equities on Friday night (not all that surprising, given NZ 10yr yields are the highest in the G10 again). Short-covering likely contributed to the rally after a week of underperformance. This week's the RBNZ MPS takes centre-stage. We expect a cautious tone and so does the market, but if the tone surprises one way or the other, a more hawkish tone would see the market react more. The market is just not in the mood for dovish talk, but it eagerly digests good news stories."

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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