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NZD/USD dragged back to neutral levels, as.....>

KIWI
KIWI: NZD/USD dragged back to neutral levels, as AUD was pressured after NAB
hiked its variable mortgage rates by 12-16bp, citing an increase in funding
costs, with the move lower in AUD coming on the back of the RBA's perceived
reaction function owing to the wealth effect, which spilled across the Tasman,
limiting NZD.
- Rate last trades at $0.6787, after peaking at $0.6807, as the Antipodeans
outperformed in early Asia-Pacific trade, aided by a relatively strong AU labour
market report. Initial resistance noted at the Jan 9 high of $0.6809 and a break
above would bring into view the upper boundary of the 1.0% 10-DMA envelope at
$0.6850; On the downside, spotlight falls on the 100-DMA/50-DMA at $0.6796/95,
followed by yesterday's low of $0.6743.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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