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With the risk switch flicked to on, NZD caught a bid Wednesday along its high-beta peers. NZD/USD surged past the previous day's high, as BBG Commodity Index rose to a one-week high, while solid U.S. corporate earnings supported broader risk appetite. There was little in the way of NZ-specific news to push the pair in either direction.
- NZD/USD last sits at $0.6969, barely changed on the day. The key near-term support has been defined at $0.6881/76, which represent Jul 20 low/61.8% retracement of the Sep 24 - Feb 25 rally. Bulls look for renewed gains past Jul 15 high of $0.7045, which would give bulls a green light for targeting Jul 7 high of $0.7061.
- NZD/USD 1-month implied volatility (last at 9.49%) fell sharply on Wednesday, extending its move away from a four-month high of 10.36% printed on Tuesday.
- The local docket is virtually empty during the remainder of this week.