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Free AccessNZD/USD Charts A Doji Amid Conflicting Signals
The re-emergence of Covid-19 in New Zealand and a dovish RBNZ monetary policy announcement pushed NZD/USD below its 50-DMA on Wednesday, but the rate quickly pulled back from worst levels amid reported profit taking in AUD/NZD. However, a recovery in broader risk appetite prompted NZD/USD to stage a dynamic rebound into the WMR fix. Consequently, the rate finished roughly at its opening level, charting a (virtual) Doji candlestick.
- The source of new Covid-19 cases in Auckland remains unknown, while the country has initiated a large-scale testing campaign.
- National Party leader has launched an attack at the government, criticising the decision to raise alert level in Auckland and across the country, and calling for a delay of general election.
- The RBNZ announced this morning that bonds lent through its Bond Lending Facility will be lent at the OCR less 25bp.
- New Zealand's food price inflation accelerated to +1.2% M/M from +0.5% last month.
- NZD/USD sits at $0.6575, marginally below neutral levels. A dip through Wednesday's low of $0.6525 would turn focus to Jul 14 low of $0.6503. Bulls look for a recoil above Aug 11 high of $0.6627, which would bring Aug 7 high of $0.6691.
- BusinessNZ M'fing PMI hits the wires on Friday.
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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.