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At Multi-Month Highs

AUDNZD

AUD/NZD has extended the rally off the mid-September low on the RBNZ rate decision, with NZD holding the session's underperformance throughout as the RBNZ failed to commit to an extended tightening cycle. Meanwhile there have been positive signs on the coronavirus front from Australia, the vaccination rate in NSW has hit 70% and movement restrictions will be eased later today as a result. Further and more substantial easing will follow once the vaccination rate hits 80%. AUD/NZD strengthened to touch 1.0530 – the highest since mid-August. The next hurdle is the mid-August high at 1.0542, before the 100-DMA at 1.0561.

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