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NZD/USD Failed 0.6200, AUD/NZD Making Fresh Yearly Lows

NZD
  • NZD/USD benefitted early from risk on move after Nvidia beat estimates, causing equity markets to surge higher. The pair looked like breaking Wednesday highs but was unable to do so, currently trading at 0.6185. Initial technical resistance holds at 0.6206 the Jan 16 high, while support sits at 0.6163 (lows from Feb 21)
  • AUD/NZD broke below 1.060 earlier making fresh yearly lows of 1.0586, before quickly reversing however the pair was unable to break back above 1.060 and currently hovers above the new yearly lows at 1.0588, technical support holds at 1.0560 the lows from May 2023.
  • Earlier NZ released Trade data: Trade Deficit -976m vs -323m prior, Exports 4.93b vs 5.94b, Imports 5.91b vs 6.26b with the 12M Trade deficit at -12,496b vs -13.567b.
  • Elsewhere, New Zealand Finance Minister Nicola Willis plans to meet Australian Treasurer Jim Chalmers on Thursday, aiming to discuss the new government's approach focused on fostering an environment for increased business investment and positioning New Zealand as a hub for talent, capital, and innovation.

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