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Muted Start, RBNZ Headlines Week

NZD

NZD/USD prints a touch under the $0.60 handle, the pair is in line with levels seen in Friday's NY session in a muted start to this week's dealing.

  • On Friday the pair printed a 6-week high before paring gains as risk off flows dominated in the NY session.
  • Bulls focus is on a break of Sep 29 high ($0.6049), which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6126). Bears immediate focus is on a break of the 20-Day EMA ($0.5949), this opens low from Sep 21 ($0.5896) and $0.5859 (6 Sep low).
  • AUD/NZD briefly dealt below the $1.07 handle on Friday, the pair touched its lowest level since mid May before marginally paring losses as pre-RBA/RBNZ flows dominated.
  • Cross asset wise; the S&P500 fell ~0.3% and BBDXY was little changed. US Tsy Yields were flat across the curve. WTI fell ~1%.
  • The highlight of the weeks docket is the latest monetary policy decision from the RBNZ, there is no change expected to policy with the OCR in line to be held at 5.50%.
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