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Narrow Ranges Persisting On Tuesday

NZD

NZD/USD prints at $0.6070/75, the pair is ~0.1% firmer than yesterday's closing levels.

  • The pair has observed a narrow range on Tuesday with little follow on moves thus far. In the Asian session support has come in below $0.6060 and resistance ahead of $0.6080.
  • AUD/NZD is down ~0.1% and is dealing below the $1.09 handle however narrow ranges persist.
  • ANZ Commodity Prices ticked higher in May rising 0.3% M/M from the prior read of -1.7% M/M.
  • ASB Bank noted this morning that they expect that New Zealand will avoid a recession in 2023.
  • Looking ahead, the data calendar is thin for the remainder of the week with only Q1 Manufacturing Activity scheduled to cross on Thursday.
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