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Muted Start On Monday, PSI On Tap

NZD

NZD/USD prints at $0.6225/35, the pair is marginally softer than Friday's closing levels in a muted start to Monday's trading.

  • On Friday the pair was a touch firmer, see-sawing around the 200-Day EMA ($0.6234) with little follow through as ranges remained narrow for the most part.
  • The weekly gain of ~1.8% was consolidated with a $0.6220/40 range persisting for the majority of the session.
  • Bulls target the high from 23 May ($0.6303), a break through here opens $0.6385, the high from June 11. On the downside bears focus on a move below $0.62 to target the 20-Day EMA ($0.6158).
  • AUD/NZD sits above the $1.10 handle, a $1.0950/1.1050 range has been observed in recent dealing with little follow through on moves.
  • Cross asset wise on Friday; S&P500 fell ~0.4% and BBDXY rose 0.1%. 10 Year US Treasury Yields rose 5bps.
  • On the wires this morning we have May Performance Services Index, there is no estimate and the prior read was 49.8. May's Non Resident Bond Holdings also crosses.
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