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Kiwi Slips In Early Trade, China's FX Panel Asks Banks To Limit Speculative Trading


The kiwi sits at the bottom of the G10 pile as we type. Little in the way of notable local headlines has crossed the wires, but worth noting that PM Ardern downplayed potential for any major changes to Auckland's Covid Alert Level settings before the city transitions to the traffic light system as soon as next week. Meanwhile, participants are preparing for the upcoming monetary policy announcement from the RBNZ, scheduled for this Wednesday.

  • Most major FX pairs have held tight ranges amid light macro headline flow. AUD/NZD bounced off a fresh two-month low in early trade.
  • Worth flagging reports pointing to a recommendation issued by China's Foreign Exchange Committee to local banks, asking them to limit speculative trading.
  • EZ consumer confidence & U.S. existing home sales take focus on the data front. Elsewhere, the PBOC will deliver their monthly LPR fixing, while a raft of ECB members are set to speak.

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