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NZD/USD Tops Tuesday High, Narrows Gap with 100-dma, Retracement Resistance

NZD
  • Greenback giving back a small part of the day's gains against the rest of G10, with the pullback most notable against the NZD in recent trade - pair now around 35 pips off the overnight lows to top yesterday's high and narrow the gap with the 100-dma of 0.6277. The 50% retracement of last week's pullback sits just above at 0.6284.
  • Slightly softer Greenback follows recovery off lows for equity futures and US 10yy edging lower since the NY crossover.
  • Of note overnight ANZ upped their RBNZ rate view - adding 25bps to their OCR expectations - now see 5.75% in July.

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