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Kiwi Flies, Greenback Sinks

NZD

NZD/USD went bid on Wednesday. The kiwi outperformed in G10 FX space, following the release of a stellar labour market report out of New Zealand. The Fed's monetary policy decision overshadowed local developments later in the day, providing further support to NZD/USD, as Chair Powell downplayed potential for imminent rate hikes.

  • The pair last sits at $0.7166, marginally higher on the day. Bulls need a clearance of Oct 28/21 highs of $0.7217/19 before taking aim at Jun 7 high of $0.7243. On the flip side, a fall through the 200-DMA/Nov 2 low at $0.7101/0.7093 would shift focus to the 50-DMA at $0.7062.
  • New Zealand's ANZ Commodity Price Index will hit the wires at the top of the hour.

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