MNI China Daily Summary: Tuesday, February 7

MNI BRIEF: UK House Price Growth Slows As BOE Hikes Bite

RBA: EXPECTS FURTHER PICK-UP IN WAGES GROWTH, WATCHING LABOUR COSTS

MNI: US REDBOOK: FEB STORE SALES +4.3% V YR AGO MO

MNI: US DEC TRADE GAP -$67.4B VS NOV -$61.0B

MNI: CANADIAN DEC TRADE BALANCE CAD -0.2 BILLION

(RPT)MNI INTERVIEW: BOC In One And Done Zone - Chamber

Rpt- MNI INTERVIEW: BOC Losses May Dent Inflation Fight- Tombe

MNI BRIEF: EU Sees Statement After UK-EU Talks This Afternoon

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NZD Snaps 3-Day Rally As Stocks Sink

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NZD/USD prints $0.5882, little changed from levels seen in late NY trading.

  • NZD snapped a 3-day rally after early range bound trading gave way to fresh downside pressure. Risk appetite was hit by weak US corporate earnings and a crypto rout generating demand for the USD pushing the pair to re-test its lows. There was a brief rally from news of Russia's withdrawal from Kherson, but it wasn’t sustained.
  • The S&P500 finished down ~2%, DXY up ~0.8% and Bitcoin down ~14%.
  • The US Mid-Terms saw the Democrats outperform, with the anticipated Republican sweep not eventuating, with uncertainty around control of congress likely weighing on risk sentiment at the margin. Counting continues in key house races and control of the Senate may not be clear until after a runoff election in Georgia on 6th December.
  • NZD/USD is still in a technical downtrend. Bears look to target the 50-day EMA at $0.5861, the 20-day EMA at $0.5821. Bulls target the 100-day EMA at $0.6010.
  • There is no local data out today and a thin local docket tomorrow (manufacturing PMI and food prices), participants will look to see how the US midterm election results develop as well as any further developments in China's ZCS. Tonight, focus will rest with the US CPI outcome.
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NZD/USD prints $0.5882, little changed from levels seen in late NY trading.

  • NZD snapped a 3-day rally after early range bound trading gave way to fresh downside pressure. Risk appetite was hit by weak US corporate earnings and a crypto rout generating demand for the USD pushing the pair to re-test its lows. There was a brief rally from news of Russia's withdrawal from Kherson, but it wasn’t sustained.
  • The S&P500 finished down ~2%, DXY up ~0.8% and Bitcoin down ~14%.
  • The US Mid-Terms saw the Democrats outperform, with the anticipated Republican sweep not eventuating, with uncertainty around control of congress likely weighing on risk sentiment at the margin. Counting continues in key house races and control of the Senate may not be clear until after a runoff election in Georgia on 6th December.
  • NZD/USD is still in a technical downtrend. Bears look to target the 50-day EMA at $0.5861, the 20-day EMA at $0.5821. Bulls target the 100-day EMA at $0.6010.
  • There is no local data out today and a thin local docket tomorrow (manufacturing PMI and food prices), participants will look to see how the US midterm election results develop as well as any further developments in China's ZCS. Tonight, focus will rest with the US CPI outcome.