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Free AccessConsolidation Continues, Business Confidence Falls
NZD/USD prints at $0.6380, ~0.1% firmer in yesterday's trading.
- The pair continued to consolidate, respecting recent ranges in yesterday's trading. Having failed again to sustain a break through $0.64 the pair was pressured early in the European session as bid in USD/JPY spilled over into wider greenback strength.
- Support came in ahead of $0.6360, and the pair firmed as US Equity Futures recovered from session lows, before meeting resistance at $0.64. NZD/USD traded in a narrow $0.6380/90 range for the remainder of the session.
- NZIER Q4 Business Survey came onto the wires this morning. Net 70% of businesses expect the economy to deteriorate and net 71% of firms expect to raise prices in Q1 2023. Net 13% of firms reporting weaker trading in Q4 2022, and net 33% of firms expect weaker trading in Q1.
- Technically NZD/USD continues to consolidate, bulls look to sustain a break above $0.64. Bears look to first break the 20-Day EMA at $0.6335 to turn the tide.
- With an empty domestic calendar, Chinese Q4 GDP is the main regional focus today. Any deviation from the expected YoY growth figure of 1.6% could affect wider risk sentiment in the Asian session.
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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.