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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 is consolidating below the $1.08 handle. The cross tested the $1.08 level early last week but wasn't able to sustain a break higher (last around $1.0720).
- Rate differentials, observed via 2 Year Swaps, sit at -147bps. Having firmed off cycle lows at -161bps early last week, aiding the test of $1.08, before marginally widening to current levels.
- Technically the pair is consolidating, bears look to break 2023 lows at $1.0667 to target 2022 low at $1.0471.
- Bulls look to break $1.0892, the 200-Day EMA, to turn the tide.
- The next risk events for the pair are presented by Australian Feb Retail Sales (exp: 0.2%, prior: 1.9%), which is due tomorrow. On Wednesday we have Australia's Feb CPI, the print is expected at 7.2% down from the prior read of 7.4%.
Fig 1: AUD/NZD Daily Spot, EMAs
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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