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NZD: NZD/USD Edges Slightly Lower, Remains In Uptrend

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  • NZD/USD closed slightly lower, down 0.16% at 0.5733 on Monday, although still remains in an upward trend, well above last weeks lows of 0.5678. It's another quiet session on the data front for New Zealand, with any directional change likely coming for any geopolitical headlines, while US equity futures sold off overnight which could hurt high beta currencies such as NZD & AUD. Nvidia's earnings on Wednesday will be closely watched.
  • Key levels to watch include, resistance is 0.5784 (100-Day EMA), a break here would open a move to retest 0.5800. To the downside, a break back below the 50-Day EMA at 0.5705 would open a move to the Feb 12 lows of 0.5600.
  • No large nearby strikes Tues. Upcoming notable strikes: 0.5615 (NZD627m Feb. 28), 0.5440 (NZD335m Feb. 28), 0.5855 (NZD333.1m Feb. 28)
  • RBNZ dated-OIS is fully pricing in a 25bps cut in April, while there is about a 70% chance of a further 25bps cut priced for May.
  • The NZ-US 2yr swap rose 8bps on Friday, hitting -58bps, it continued to  rise on Monday hitting -56bps before closing at -57bps to be the highest since mid Decemeber
  • The calender is empty today
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  • NZD/USD closed slightly lower, down 0.16% at 0.5733 on Monday, although still remains in an upward trend, well above last weeks lows of 0.5678. It's another quiet session on the data front for New Zealand, with any directional change likely coming for any geopolitical headlines, while US equity futures sold off overnight which could hurt high beta currencies such as NZD & AUD. Nvidia's earnings on Wednesday will be closely watched.
  • Key levels to watch include, resistance is 0.5784 (100-Day EMA), a break here would open a move to retest 0.5800. To the downside, a break back below the 50-Day EMA at 0.5705 would open a move to the Feb 12 lows of 0.5600.
  • No large nearby strikes Tues. Upcoming notable strikes: 0.5615 (NZD627m Feb. 28), 0.5440 (NZD335m Feb. 28), 0.5855 (NZD333.1m Feb. 28)
  • RBNZ dated-OIS is fully pricing in a 25bps cut in April, while there is about a 70% chance of a further 25bps cut priced for May.
  • The NZ-US 2yr swap rose 8bps on Friday, hitting -58bps, it continued to  rise on Monday hitting -56bps before closing at -57bps to be the highest since mid Decemeber
  • The calender is empty today