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Narrow Ranges On Tuesday, Business Confidence Ticks Higher

NZD

NZD/USD prints at $0.5835/40 the pair is ~0.1% lower this morning. There has been little reaction as of yet to the mixed Chinese PMI report.

  • Kiwi has observed relatively narrow ranges on Tuesday with a $0.5830/45 range being observed for the most part. Softer US Equity futures and regional equities have not weighed thus far.
  • Technically NZD/USD remains in a downtrend, support comes in at $0.5770 the YTD low. Bulls first target $0.5880, the 20-Day EMA.
  • AUD/NZD is consolidating gains in a narrow range above the $1.09 handle.
  • In October Business Confidence rose, with sentiment improving after the New Zealand election. ANZ business confidence for October rose to 23.4 from 1.5. This is its highest level since June 2017. The activity outlook improved to 23.1 from 10.9.
  • A thin local docket leaves wider swings in risk sentiment as the main driver in NZD today.

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