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Free AccessNZD/USD Pierces 50-DMA, Hits Best Levels Since Nov 25
NZD/USD ground higher Thursday, extending this week's rally through its 50-DMA and printing best levels since Nov 25. Broader USD weakness helped push the rate higher, with participants assessing U.S. inflation data & Fedspeak from this week.
- The rate sits at $0.6864, little changed on the day. Bulls keep an eye on the 50% retracement of the Oct 21 - Dec 20 slide & the 100-DMA, which coincide at $0.6960. Bears look for a fall through Jan 6 low of $0.6733 towards the $0.6703/02 area, which limited losses in Dec.
- Next week, focus turns to REINZ house sales (Tuesday), card spending (Wednesday) & BusinessNZ M'fing PMI (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.