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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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KIWI: Deutsche Bank's G10 trade of the week is short NZDUSD; entry 0.7360,
target of 0.7185, stop at 0.7520. Deutsche suggest that the run has been driven
by a rapid buildup in positioning. They suggest that this week's NZ CPI will
likely be soft, while business sentiment appears to be sticky at lower levels
despite the uptick in consumer sentiment post-election. Deutsche Bank remain
fundamental USD bears, but see value in tactically selling the cross, which they
deem 10% expensive against rates, terms of trade & risk.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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