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Perfect Storm for NZDUSD Bears, Extends Losses To 1.20%

NZD

Kiwi remains among the worst performers on Tuesday with multiple themes helping NZDUSD to slide back towards the 0.6050 mark, and the worst levels of the year.

• Weakness was initiated overnight after RBNZ’s Q1 inflation expectations eased further. The 2-year ahead measure is now at the mid-point of the target band at 2.5% down from 2.8% in Q4 and the 1-year ahead close to the top of the band at 3.2% down from 3.6%. The data may make any further RBNZ tightening unlikely.
• Combining with this, firmer-than-expected price pressures in the US, have assisted the other leg of the trade, with NZDUSD remaining on the backfoot. Furthermore, pressure on major equity indices have no doubt been exacerbating price action for the higher beta currency pairs, such as the Kiwi.
• The lows of the year for NZDUSD reside at 0.6038, with the local docket void of tier-one releases and markets potentially more focused on Fed speakers post the inflation data today.

• Similar weakness for the Aussie today has limited the moderate bounce for AUDNZD, however, the firm move back above 1.0600 on Monday continues to underpin its pivotal significance over the past couple of years and will remain the focus for the cross.

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