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NBH Raises 1W Depo Rate By 100bps To 10.75%


10Y Yield Stabilizes At Around 8.2% Level


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AUSSIE-KIWI: AUD/NZD has been in a consolidation phase recently, struggling to
extend gains registered during the Mar 18 - Apr 28 bull market. It has been
happy to hold a tight range in the NZ$1.0600-1.0700 area, even as the 50-DMA has
just crossed above the 100-DMA, and severed the floor of an ascending channel,
as flagged in the chart below. The downside is limited by the 23.6% retracement
of the Mar 18 - Apr 28 rally at NZ$1.0574, unsuccessfully tested on May 4. Below
there would allow bears to target Apr 21 low of NZ$1.0484. Bulls need a jump
above May 7 high of NZ$1.0699 to pick up some momentum and bring the key Apr 28
cycle high of NZ$1.0752 into play.
- See chart at:
- As we flagged before, participants will closely watch the outcomes of Covid-19
containment strategies implemented on either side of the ditch. The approaches
of central bankers are also in focus and we will get to know more about the
RBNZ's thinking today, when Gov Orr announces their MonPol decision. Our usual
preview of their MonPol decision can be accessed via the link below.
- See RBNZ preview at:
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |

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