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On the back foot overnight

  • Despite some early fade in Equities since the cash Govie open, the Dollar remains in the red against most G10s, albeit around flat against the Yen and the CAD.
  • Overall Estoxx futures still trade at its highest level since February, and is just fading some of the overnight gains.
  • The Kiwi is still in the lead after the RNBZ delivered its expected 75bps hike, but moves for the currency lacked traction, after policy makers predicted a recession in 2023, but still signaled further tightening.
  • The support in AUDNZD at 1.0743 area, the 61.8% retrace of the Sep21/22 gains, has held for now, printing a 1.0750 low overnight.

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