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Marginally Firmer, Gains Capped at 200-Day EMA

NZD

NZD/USD prints at $0.6215/20, the pair is ~0.1% firmer today.

  • The pair has dealt in a narrow range today, support has been seen ahead of $0.62 and gains have been capped at the 200-Day EMA ($0.6223) as moves have not yet had much follow through.
  • AUD/NZD sits at the bottom of its narrow ~20 pip range, the pair continues to consolidate below the $1.08 handle. Both the 20- and 50-Day EMAs have crossed the 200-Day EMA signalling more potential downside for the cross.
  • The domestic docket has been thin today with little news flow crossing.
  • Cross asset wise; BBDXY is ~0.1% lower and US Tsy Yields are a touch firmer. Regional Equities are higher although gains have been pared, the Hang Seng is up ~0.7% having been up over 1% in early dealing. E-minis are little changed.
  • Looking ahead, tomorrow's RBNZ monetary policy decision is the highlight of the week's docket; the bank is expected to hold the OCR steady at 5.50%.
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