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Firms In Holiday Impacted Markets, AUD/NZD Continues To Correct Lower

NZD

NZD is outperforming the rest of the G10 at the margins. We got to a high of 0.6187, now sitting slightly lower at 0.6180/85. This is highs back to late Thursday in NY from last week. Bulls will eye a move back above 0.6200, while the 50-day MA comes in around 0.6215. A reminder though that liquidity is likely to be much lighter with AU and NZ markets closed for the ANZDAC day holiday.

  • No obvious catalysts are evident for the move, although AUD/NZD weakness will be helping at the margins. The cross has continued to correct lower, last in the 1.0835/40 region. AUD/USD is struggling to get back above 0.6700.
  • Broader USD sentiment is softer (ex JPY), with EUR/USD attempting to extent gains above 1.1060.

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