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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.
AUDNZD
AUD/NZD has consolidated above $1.10 dealing in narrow ranges above the handle in recent dealing.
- The cross is now up ~4.3% from year to date lows in late May and we last print at $1.1010/20.
- Rate differentials, observed via 2 year swaps, have widened a touch sitting at -103bps however we remain well above May's cycle lows of -165bps.
- The 20-Day EMA has crossed the 200-Day EMA, adding to the bullish momentum. Bulls first target a break of the high from 7 June ($1.1037). This opens YTD highs at $1.1088 and $1.1150 a Fibonacci projection.
- Bears first look to sustain a break below $1.10 to target $1.0884 the low from 6 June.
- Looking ahead, next week's docket is headlined by Australia's May Employment report and New Zealand’s Q1 GDP which both cross on Thursday.
Fig 1: AUD/NZD Daily Spot
Source: MNI/Bloomberg
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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