RBA SAYS SOME UPSIDE INFLATION RISKS HAVE EASED.

MNI: RBA LEAVES CASH RATE AT 4.35%

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1896 Tues; -1.71% Y/Y

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Consolidating, Bears Struggle To Sustain Breaks Of $0.62

NZD

Since firming off 2023 lows seen in the wake of the SVB collapse, NZD/USD saw its recovery capped at the 200-Day EMA (0.6277). Support has been evident below $0.62, with bears having struggled to sustain any breaks of this level in recent dealing.

  • We sit at $0.6200/05 currently, slightly above NY closing levels, but with tight ranges to start the session.
  • 1 month risk reversals remain skewed to the downside, (last -0.95), but we are up from mid month lows around -1.35.
  • Rate differentials, observed via 2-year swap rates, sit at ~75bps having narrowed from as wide as ~125bps earlier this month, which has likely helped cap NZD/USD gains ahead of 0.6300.
  • Bulls first target a break of $0.6263 (200-Day EMA) which brings high from 14 Feb at $0.6390 in play.
  • Bears look to break 2023 lows at $0.6085, from here Nov 11 low at $0.5985 is in view.
  • Be mindful of spill over from AU retail sales, which print in about 25mins.
BulletMarketsForeign Exchange BulletsHomepage
BulletMarketsForeign Exchange BulletsHomepage

To read the full story

Close

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.