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Free AccessNZD Falters On Slower Inflation Data, USD Mildly Firmer Elsewhere
The USD index sits marginally higher as the FOMC comes into view. The BBDXY index was last near 1242, +0.10% firmer for the session. Earlier lows were at 1240.35, which leaves us within recent ranges.
- The main focus point in Asia Pac trade has been NZD weakness. This followed earlier monthly price data, which suggests inflation is cooling more than the RBNZ expects.
- A number of local banks have lowered their inflation projections as a result.
- NZD/USD has test sub 0.6100 and sits close to this level in recent dealings, which is 0.55% weaker for the session. Note the 20-day EMA isn't too far away (0.6093), while the 200-day sits at 0.6075. NZ swap rates closed 11-13bps lower.
- As widely expected, the new NZ government passed laws returning the RBNZ to a signal price mandate.
- AUD/USD sits marginally lower, last near 0.6555, but has outperformed NZD by around 0.45%. The AUD/NZD was last near 1.0745/50. The mid year fiscal update from the government didn't impact sentiment, while CBA data showed a firmer spending in November.
- USD/JPY got to 145.19 in early trade, but now sits back at 145.60/65, slightly above NY closing levels from Tuesday. The Q4 Tankan survey was at the margin better than expected, showing solid business conditions and Capex intensions.
- The main upcoming focus will be the US FOMC decision. Prior to that we have UK monthly GDP figures.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.