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FED Reverse Repo Operation


Trend Condition Remains Bullish


10Y Vol Sale

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FOREX: ANZ write that "the squeeze higher in the NZD has been reasonably brutal
over the past month. While to some degree the strength was justified as factors
leading to the underperformance dissipated (namely expectations for RBNZ rate
cuts), we now believe it has moved far enough. The economic surprise index has
reached extended levels, and the rates market has flipped (with hikes now priced
from late-2019). At the same time, the CAD has fallen in sympathy with the
extraordinary weakness in oil. We think this move is over-extended. As such, we
recommend selling NZD/CAD at C$0.8990 for a target of C$0.8500. We set a stop at
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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