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Narrow Ranges In Asia

NZD

NZD/USD prints at $0.5895/0.5900, the pair is little changed from opening levels.

  • Kiwi has observed narrow ranges in Asia today, an early move seen alongside an uptick in US Tsy Yields didn't follow through and losses were pared. A $0.5885/0.5900 range has been observed today.
  • Technically we sit on the 20-Day EMA ($0.5898) as bears look to re-establish the downtrend, They target the low from 2 Nov ($0.5917) which opens the $0.58 handle and YTD lows ($0.5774). Bulls first look to sustain a break of the 20-Day EMA to target the $0.60 handle.
  • AUD/NZD is dealing in a narrow range below the $1.08 handle.
  • A reminder n the wires early in todays session was BusinessNZ Mfg PMI for October which printed at 42.5 this morning, the prior read was revised lower to 45.1. This is the lowest reading since August 2021 and marks the 8th consecutive month of contraction.
  • The local docket is empty for the reminder of today's session and wider swings in risk sentiment will be the main driver in NZD.
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