BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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Services PMI Gains Continue To Diverge From Soft Manufacturing

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Consolidating Gains

AUDNZD

AUD/NZD is consolidating recent gains, the pair is ~2.2% above October lows and now sits above the 200-Day EMA ($1.0824).

  • In early trade on Friday we are stable at $1.0860/65.
  • Rate differentials, observed via 2-Year Swaps, are at their narrowest level since late July at -105bps.
  • Bulls target $1.0923, the high from 18 Sep and the $1.10 handle. A break through here opens YTD highs ($1.1088) and high from 18 Oct 22 ($1.1207).
  • On the downside bears break below the 200-Day EMA and the 20-Day EMA ($1.0796). This opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
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