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Narrow Ranges v USD On Monday, Fresh YTD For AUD/NZD

NZD

NZD/USD prints at $0.6285/90, the pair was ~0.1% firmer on Monday.

  • In yesterday's trading NZD/USD observed a narrow $0.6265/90 range with little follow through on moves for the most part.
  • Support came in ahead of the 200-Day EA ($0.6259) and the pair consolidated Fridays's gains.
  • Bulls now target the high from 11 May at $0.6385, on the downside bears first look to break the low 12 May $0.6182.
  • AUD/NZD printed a fresh YTD low, as the pair consolidated below $1.06. Rate differentials, observed via 2 year swaps, sit at -154bps a touch above cycle lows of -165bps.
  • Cross asset wise; S&P500 was flat and BBDXY was ~0.1% firmer. 2 Year US Treasury Yields rose 5bps.
  • On the wires today we have April ANZ Heavy Truckometer M/M there is no estimate, the prior read was 2.7%.

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