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KIWI: On Tuesday Credit Agricole recommended going short NZD/USD at $0.6575,
with a stop at $0.6740 and a target of $0.6200.
- Credit Agricole highlighted "headline inflation data for Q3 in New Zealand
surprised the market and the central bank to the upside, though the RBNZ will
ignore the boost from higher oil prices and petrol charges, as it pursues its
new dual mandate of price stability and maximum sustainable employment. Indeed,
the RBNZ's own measure of underlying inflation did not accelerate in Q3 and
remained below the centre of the central bank's 1-3% target band. While giving
inflation a boost, higher oil prices are weighing on New Zealand's trade balance
as well as business and consumer confidence, so higher oil prices are not a
positive for the NZD."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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