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Pressured In Early Trade, RBNZ In View


NZD/USD prints at $0.6234, ~0.2% softer than Friday's closing levels.

  • The USD has been moderately bid in early trading pressuring the NZD.
  • On Friday NZD/USD found support below $0.62, firming off session lows as the Greenback moderated gains seen after Thursdays hawkish Fedspeak.
  • Technically the pair is bearish. Bears now target 11 Nov low at $0.5985. Bulls first look to break the 200-Day EMA at $0.6295.
  • Wednesday's RBNZ meeting headlines the week, OIS markets have ~45bps of tightening priced into the meeting, and the terminal rate of ~5.3%. The RBNZ's Shadow Board recommended a 50bps OCR increase this morning citing strong inflationary pressures.
  • Also on the wires we have Q4 PPI (Tuesday) and Jan Trade Balance (Wednesday).
  • US Markets are closed for Presidents Day, wider regional liquidity will be affected.

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