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Rangebound vs USD, AUD/NZD Firms

NZD

NZD/USD prints at $0.6315/20, ~0.1% softer in today's trading.

  • The pair has been rangebound today respecting a tight $6310/30 range.
  • AUD/NZD continues to move higher, however the cross met resistance at $1.1030. NZD/JPY is ~0.2% softer, last printing ¥82.90/95.
  • ANZ lowered Fonterra 2022-23 milk price forecast this morning to $8.50/kg, adding pressuring NZD at the margins.
  • PM Hipkins announced a short time ago the minimum wage will rise in line with CPI in April.
  • Cross asset wise US equity futures are lower, e-minis are down ~0.2%. US Treasury Yields are marginally lower. BBDXY is little changed today.
  • Wider swings in risk sentiment will be the main driver in NZD for the remainder of the session.

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