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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.
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Free AccessNZD Firms on RBNZ, Tilting AUD/NZD Off Highs
- NZD trades firmer ahead of the NY crossover, with NZD/USD cresting at a recovery high of 0.6078 on the back of the unchanged RBNZ rate decision overnight. While the OCR was kept unchanged at 5.50% (alongside expectations), the stressing of the importance of anchored inflation expectations added a hawkish tilt to the statement, helping NZD outperform vs. broader G10.
- The USD Index has reverted back above the 50-dma support - a level tested during Tuesday trade, but not firmly broken. A soft CPI release today could put the level under pressure once more, crossing today at 103.965.
- Elsewhere, GBP trades better, with GBP/USD testing the 1.2700 handle at typing to keep pressure on the weekly recovery high of 1.2709 - first major resistance in the pair.
- JPY is among the weakest despite yesterday's report that the BoJ could upgrade their inflation view in light of recent pay settlements, keeping USD/JPY within striking distance of major resistance at the psychological Y152.00 level.
- US inflation data takes focus going forward, with markets expecting Y/Y CPI to tick higher to 3.4%, while ex-food and energy moderates to 3.7%. The Bank of Canada rate decision also crosses, at which markets expect no change to headline policy rates of 5.00%. The speaker schedule includes Fed's Bowman, Goolsbee and Barkin.
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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.