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NZD/USD Back Below 0.6200 Ahead Of NFP, AUD/NZD Edges Higher

NZD

It has been a very steady day for currencies, the Kiwi has traded in a very tight ranges of just 10-pips ahead of US NFP later tonight. Earlier, NZ manufacturing volumes fell 0.4% quarter-on-quarter in Q1, marking the third consecutive decline after a revised 0.7% drop in Q4, while meat and dairy manufacturing volumes increased by 2.2%, volumes excluding these sectors declined by 2.4%. Despite the overall volume decline, manufacturing sales rose by 0.7% quarter-on-quarter.

  • NZD/USD opened the session just below 0.6200 and after briefly trading above this level we traded off 10-pips reaching a session low of 0.6189, the pair is currently 0.6195.
  • There are two large options expiring next week with NZ$1.53b call, strike 0.6200 and a NZ$990.16m call strike 0.6100 on June 12, which could limit any major moves.
  • AUD/NZD is 0.11% higher at 1.0765, we have traded in a small 10-pip range. RBA deputy Gov Hauser will speak soon.
  • NZD/JPY is 0.09% higher at 96.557, the cross has been tracking sideway recently and has been met with selling at the 96.80 level.

Looking ahead to the coming week; NZ has REINZ House Sales, BusinessNZ Manufacturing PMI & Food Prices all on Friday 14th, while locally eyes will be on China's PPI & CPI, US CPI on Wednesday and the FOMC rate decision on Thursday.

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