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Narrow Ranges As Consolidation Continues

NZD

NZD/USD prints at $0.6235/40, little changed in todays trading.

  • The pair continues to consolidate in narrow ranges today, there was little follow through as the kiwi was briefly pressured as losses were pared.
  • AUD/NZD is also little changed, printing at $1.0720/30. The cross was firmer in lieu of wider current position for Q4 in New Zealand, however gains have been pared in recent dealing. We've took a deeper look at the cross here.
  • Cross asset wise, flows are muted. E-minis are marginally softer and the US Treasury Yield curve has steepened.
  • Looking ahead, Q4 GDP is in focus tomorrow. Bloomberg survey median estimate looks for a -0.2% print down from 0.2% in Q3 2022.

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