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Muted Start, Docket Light This Week

NZD

NZD/USD prints at $0.5905/10, the pair is little changed from Friday's closing levels in a muted start to Monday's Asian session.

  • On Friday NZD/USD was volatile whilst Fed Chair Powell spoke at the Jackson Hole Symposium, Powell provided little surprising information for markets and NZD/USD pared losses to sit unchanged from pre-Powell levels after printing a fresh YTD low.
  • The pair finished Friday's session down ~0.2%, marking the sixth consecutive week of falls.
  • Technically we remain in a strong downtrend, bears look to break the low from 25 Aug ($0.5886) which opens $0.5841 (low from 10 Nov 22) and $0.5762, a Fibonacci projection. Bulls target the 20-Day EMA ($0.5996), a break through here opens high from Aug 10 ($0.6118).
  • Cross asset wise, on Friday, S&P500 rose ~0.4% and BBDXY was ~0.1% firmer. 10 Year US Tsy Yields were little changed.
  • The docket is light this week with just July Building Permits, Aug ANZ Business Survey and Consumer Confidence due.
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