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Pressured In Recent Dealing

NZD

NZD/USD prints at $0.6180/85, the pair is down ~0.3% in recent dealing.

  • The Kiwi has been pressured in recent dealing after China cut the 5-Year LPR 10bps. Economists were divided between a 10 and 15bp cut. Technical flows in the AUD, which is down ~0.7%, are also weighing at the margins.
  • Downside support comes in at the 20-Day EMA ($0.6138), a break through here opens year to date lows at $0.5985.
  • AUD/NZD is ~0.4% softer, the pair sits a touch above the $1.10 handle.
  • Cross asset wise; regional equities are pressured, Hang Seng is down ~1%, and 10 Year US Tsy Yields are ~3bps firmer. BBDXY is up ~0.1%.
  • With the local docket empty for the remainder of the session wider swings in risk sentiment will be the main driver in NZD.
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