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Free AccessNZD/USD Remains Close To 200-Day EMA Resistance, Q3 Retail Volumes Out Today
NZD/USD drifted lower post the Asia close on Thursday. From near the 0.6070 region, we fell back to 0.6035 in holiday impacted trade. In early trade today we track near 0.6050, having firmed ~0.40% for Thursday's session, the best performer in the G10 space. The Kiwi is up a little over 1% in the past week.
- In terms of technicals, we haven't been able to hold breaches of the 200-day EMA (0.6062) on topside breaks this week. This will remain a near term focus point, while on the downside, note the 100-day EMA is near 0.5990.
- Spill over from firmer GBP, EUR gains in the EU session on Thursday, post solid PMI updates, helped the NZD. The BBDXY is down a little over 0.10% for Thursday's session. EU equities were higher, but posted only modest gains.
- US markets were out for the Thanksgiving holiday, which likely kept market interest and liquidity lighter than normal.
- Coming up shortly we have NZ Q3 retail sales volumes. The market expects -0.7% q/q, the prior was -1.0%.
- Note we will also get more details on the new NZ government, with Christopher Luxon's National Party leading a coalition formed with other center right parties.
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Why MNI
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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.