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Free AccessNZD/USD Eyeing October Highs, NZ Markets Closed Today
NZD/USD currently sits near 0.5775, around +0.45% above NY closing levels from the end of last week. The pair is benefiting from early USD weakness, led by GBP/USD (+0.65%), as Boris John pulled out of the U.K. leadership race. Liquidity could be impacted today in NZD, as NZ markets are out for the Labour Day holiday.
- From a technical perspective, we are comfortably above the 20 day EMA (0.5712). October highs at 0.5814 could be in focus, while beyond that the 50-day EMA comes in at 0.5864.
- To recap, NZD/USD was the third best performer through Friday's session (+1.25%), trailing only AUD & JPY. It was still the best G10 performer for the whole of last week though (+3.36%).
- Risk appetite was buoyed on Friday, as San Francisco Fed President Daly stated the central bank could see a step down in the pace of Fed hikes. The US 2yr yield fell back to 4.47%, from highs above 4.63%. The SPX rose 2.37%, but the VIX only closed modestly lower (29.69%).
- The domestic data calendar is fairly light this week, with ANZ business confidence due out on Wednesday, while ANZ consumer confidence prints on Friday. RBNZ Chief Economist Paul Conway will speak at the CBA conference in Sydney online from Wellington tomorrow morning (10:10am NZ Time). There are no published speaking notes.
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Why MNI
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