January 17, 2023 02:27 GMT
Rangebound vs USD, Crosses At Key Levels
NZD/USD prints at $0.6380/85, little changed in today's dealing.
- The pair has remained in a tight $0.6380/6400 range, continuing to respect ranges with $0.64 level again providing resistance.
- Stronger than expected Q4 GDP and Dec Industrial Production from China briefly pressured the USD however there was little follow through as post data gains have been pared.
- AUD/NZD has struggled to clear its 200-Day EMA in recent dealing, support came in yesterday at the 50-day EMA. NZD/JPY is dealing above ¥82 which has emerged as a key support level in recent dealing, last printing ¥82.25.
- Cross asset flows are showing a mild risk off tone, BBDXY is ~0.1% firmer and eminis are 0.2% softer. 10 Year US Treasury Yields are ~3bps firmer.
- With a thin regional docket for the remainder of the session wider swings in risk sentiment will be the main driver of NZD.
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