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Pressured On Monday

NZD

NZD/USD prints at $0.6325/30, the pair fell ~0.7% on Monday.

  • Pressure seen after weaker than forecast Chinese GDP continued in the European and NY sessions on Monday as NZD was the weakest performer in the G-10 space despite stronger US equities and US Tsy Yields softening.
  • Support was seen below $0.6320 and losses were marginally pared.
  • Bears first target the low from 13 July ($0.6290) which opens the 20-Day EMA ($0.6235). Bulls target a break of Friday's high ($0.6412) which opens year to date highs at $0.6538.
  • AUD/NZD was firmer yesterday, however the pair remains in a narrow range consolidating below the $1.08 handle.
  • Cross asset wise; S&P500 was ~0.4% higher and BBDXY fell ~0.1%. 2 Year US Tsy Yields were ~2bps lower. WTI futures fell ~1.7%.
  • The local docket is empty today.

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