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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: RBA Details Hypothetical Monetary Policy Paths
MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday
AUD/NZD Breaks 1.0750, BoFA Sees Year-End Level at 1.1300
- AUD/NZD has continued to push higher since tapping 1.0700 on Monday, trading up 0.13% on Wednesday to 1.0754, breaking initial resistance. As trading gets underway in Asia, the cross is unchanged after earlier reaching 1.0760.
- Key technical levels to watch: initial resistance at 1.0773 (Jan 11 high/200-day EMA). Above this level, a break of the 1.0800 area would open up a retest of the YTD highs at 1.0833. While to the downside, a break back below 1.0706 (50-day EMA) could signal further weakness, opening up 1.0665 (Mar 6 lows) and below to 1.0640 (Feb 14 low).
- BoFA has called for investors to short the NZD vs the AUD due to almost universally weaker economic data. BoFA views RBNZ cutting from May, with NZ and Australia having a neutral policy rate at 3%-3.5%. RBNZ is far more restrictive than RBA, which gives scope to cut further. They see AUD/NZD a little under 1.13 by year-end.
- Looking ahead NZ has Business NZ Manufacturing PMI on Friday
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.