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Kiwi Loses Ground Ahead Of RBNZ Monetary Policy Decision

FOREX

The kiwi dollar underperforms ahead of the RBNZ's Monetary Policy Statement, with the Committee expected to raise the OCR by half a percentage point. NZD/USD overnight implied volatility remains elevated, last sits at ~23%, with the spot rate shedding 27 pips thus far.

  • Renewed demand for safer currencies props up the yen and U.S. dollar, as e-mini futures have trimmed their initial gains.
  • Sterling finds poise after its poor showing Tuesday, when the currency took a hit from weak local PMI readings.
  • Final German GDP & flash U.S. durable goods orders will take focus later in the day. The central bank speaker slate is tightly packed and dominated by ECB members.
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