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FOREX: NZD sinks as RBNZ warn bank rules could result in rate cuts
-NZD/USD had an eventful Asia-Pacific session, opening slightly stronger on the
back of reports of further progress made between the US and China before
shedding 50 pips on comments from the RBNZ's deputy governor, who suggested that
an increase in bank capital requirements (from 14% to 15%) may eventually result
in rate cuts. NZD/USD has recouped much of the losses ahead of the NY crossover,
but remains below the $0.68 handle and is one of the weakest currencies in G10
-Elsewhere, USD/JPY sits just below the week's best levels of Y110.95, a break
of which will open the 200- and 100-dmas at Y111.31 and Y111.46 respectively.
Firmer equity markets in mainland Europe are helping the pair higher this
morning, with most indices up 0.1-0.4%. The 100-dma remains key support for the
DXY, currently sitting at 96.417.
-The data calendar is thin, with Canadian retail sales the highlight, but the
speaker slate is busy, with nine different Fed speeches scheduled as well as an
appearance from ECB's Draghi at 1615GMT.