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NZD knee-jerked lower as BBG circulated an interview with RBNZ policymaker Harris, but he reaction move was shallow and short-lived. Harris noted that unemployment remains "relatively high" and there are no material signs of wage inflation, but "lower interest rates have also contributed to higher employment and more stable incomes," as he brushed away criticisms that loose monetary conditions may be widening social inequalities. He warned that the economic recovery seems to be stalling, which "raises the question is that before another dip?"
- NZD/USD last trades flat at $0.7207, familiar tech levels remain in play. AUD/NZD has also held a familiar range and now changes hands-27 pips at NZ$1.0746.
- NZD/JPY has added 8 pips and sits at Y78.44 after printing fresh multi-week highs. Bulls set their sights on Mar 18 high of Y79.14, followed by Feb 25 high of Y79.21. Bears look for a retreat under Apr 23 low of Y77.19.