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Off Fresh Cycle Highs

NZD

NZD/USD was bid yesterday, even as U.S. equities faltered amid concerns over the global coronavirus situation. Some attributed the latest leg higher in NZD/USD to the news that NZ gov't has struck a deal with Janssen to buy up to 5mn doses of a Covid-19 vaccine, with up to 2mn doses to be delivered from 3Q2021. The Kiwi drew further support from firmer oil prices, which lent a helping hand to the commodity-tied FX space.

  • Statistics NZ released its experimental weekly series based on payday filing, with the number of paid jobs rising to a six-month high.
  • NZ joined other members of the Five Eyes coalition in criticising China over its recent moves in Hong Kong.
  • NZD/USD sits at $0.6921, a handful of pips worse off, after printing a new cycle month yesterday. A fall through Nov 13 low of $0.6811 would open up the 50-DMA at $0.6688. Conversely, a jump above yesterday's high of $0.6945 would turn focus to Dec 4, 2018 high of $0.6970.
  • NZ credit card spending hits the wires on Friday.

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