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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NZD
NZD/USD overnight implied volatility sits at 19.90% as option markets price in a $0.6125-$0.6267 range in the aftermath of today's RBNZ meeting.
- Overnight implied volatility is at its highest level since the SVB crisis (~25%) in mid-March.
- Overnight risk reversals are skewed to the downside, however we sit well above levels seen pre-SVB crisis and within the yearly range.
- Bulls immediate focus is on the 200-Day EMA ($0.6222); a break through here opens the high from 23 May ($0.6303). Bears look to break the low from 6 July ($0.6133), which opens the low from 29 June ($0.6051) and year to date lows ($0.5991).
- The MNI preview of the RBNZ is here.
Fig 1: NZD/USD Overnight Implied Volatility
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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