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Rangebound, USD Consolidates Gains

NZD

NZD/USD prints at $0.6110/15, ~0.1% firmer in yesterday trading.

  • The pair firmed through the European session before meeting resistance above $0.6130, an offer in USD/JPY spilled over into wider USD weakness before the moves reversed. A late rally in US Equities saw NZD/USD supported ahead of $0.61 as intra-day ranges were respected.
  • The USD consolidated Tuesdays gains. Price action confirms a bullish break of DXYs 100-Day MA, closing above this mark for the first time since June 2021.
  • Bears look to target low from 11 Nov at $0.5985. Bulls look to break $0.62 to turn the tide.
  • AUD/NZD prints at $1.0780/90, the pair was flat yesterday and has held below $1.08. The next downside target is 2023 low at $1.0708.
  • Cross asset wise, S&P500 was up 0.1% and US 10 Year Treasury Yields were ~1bp firmer. DXY was little changed.
  • On the wires this morning we have Feb Card Spending. There is no estimate, the prior read for total card spending was 3.3%.

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