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Hovers Above Support Ahead Of Orr

AUSSIE-KIWI

Interesting that AUD/NZD pressure, with the rate looking below NZ$1.0900, comes ahead of the aforementioned address from RBNZ Governor Orr. Aussie Q2 GDP data is also due today, but that is more of a look in the rear-view, given policymakers' focus on a post-COVID economic scenario that isn't as bad as first feared.

  • Rate last trades at ~NZ$1.0895 with support noted at yesterday's low of NZ$1.0888, followed by the June 2 high at NZ$1.0881. This comes after the rate closed below its 21-DMA for the first time since mid-July on Tuesday. A break through the initial support zone would have bears looking to trend support drawn off the March low, which comes in at NZ$1.0824 today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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