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FOREX: Kiwi crumbles as RBNZ knock rate path expectations
-NZD sits at the bottom of the pile after the RBNZ pushed out expectations for a
rate hike from March 2020 to December 2020. As a result, NZD/USD slipped to
fresh multi-year lows, extending the losses to $0.6641, the lowest since early
2016. NZD bears now eye the $0.6467 fib support over the medium term for the
next leg lower.
-After being weighed on throughout the Asia session and European morning, GBP
recovered to trade broadly flat after EUR/GBP briefly slipped back below the
Gbp0.90 mark. Nonetheless, EUR/GBP remains higher by 1.2% on the week.
-CAD is (modestly) the strongest performer in G10 FX today, extending the upside
seen in the late US trading day and allowing USD/CAD bears to re-focus on the
100-dma at C$1.2963.
-USD is being led, rather than leading, so far today and DXY trades higher by
-US PPI and weekly jobless claims numbers are the highlights and Fed's Evans is
due to speak at 1700GMT.