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CIBC issue new trade recommendation:....>

AUSSIE-KIWI
AUSSIE-KIWI: CIBC issue new trade recommendation:
Short AUD/NZD at market, targeting 1.0450 with a stop/loss at 1.0830.
- Real policy rate is now at a similar level to that of the ECB, SNB, BoE and
the RBA, but Governor basically told the market that the RBNZ wasn't likely to
ease this year
- Market is heavily short NZD, the NZD has room to recover based on
position-squaring
- Short-term valuation is cheap relative to traditional drivers
- Price action also looks overvalued relative to the milk-copper ratio
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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