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NZD & AUD Outperforming Broader USD Softness

FOREX

The USD has ticked down further, the BBDXY last just under 1247.

  • NZD/USD sits just off session highs, last around 0.6160. This is fresh highs in the pair going back to mid-March of this year. The currency is outperforming the yen.
  • AUD/NZD downside got us back close to 1.0800 earlier. NZD outperformance has been particularly evident since last week's RBNZ meeting. The cross sits slightly above session lows now (last near 1.0820)
  • We had Aust retail sales print earlier, rising 0.1% m/m in April against a 0.2% forecast and -0.4% prior. NZ jobs filled we up 0.1%m/m in April (from 0.3% in March).
  • AUD/USD is still higher for today's session, last around 0.6665, so trailing NZD at the margins.
  • USD/JPY is just under 156.75/80 in latest dealings, marginally firmer in yen terms. FinMin Suzuki crossed the wires earlier with familiar rhetoric on FX but hasn't impacted sentiment.
  • In the cross asset space, regional equity sentiment is mixed, while US futures sit higher (+0.10/+0.20%). US Yields remain down but away from session lows.
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