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Kiwi Outperforms, But Weaker Against Yen

NZD

Kiwi was one of the top performers in the G10 on Friday rising 0.1% against the US dollar to 0.6241, off the low of 0.6229. It rose to an intraday high of 0.6278 following the lower-than-expected US PPI data but it couldn’t hold gains above 0.6260. NZDUSD has started the week lower at 0.6233 after rising to 0.6251 earlier. The USD index finished up 0.1%.

  • Kiwi continues to outperform Aussie with the pair down 0.1% on Friday to 1.0715. It has started the week higher at 1.0725. Despite more rate cuts priced in for NZ in 2024 than for Australia, the market expects RBNZ rates to end the year above the RBA’s, which continues to put pressure on AUDNZD.
  • NZD underperformed the yen with the pair falling 0.1% to 90.44 after a high of 90.82 earlier. It has started the APAC session slightly lower at 90.41.
  • There are no data in NZ today. On Thursday not only are December food prices released but also a number of other monthly CPI components. There is also December card spending on Wednesday.
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