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Free AccessSlips, But Dip Sub 0.6000 Supported
NZD/USD was mostly on the back foot post the Asia close on Wednesday. A NY session dip sub 0.6000 was supported though, and we last tracked near 0.6020. NZD lost ~0.45% for Wednesday's session, the third worst performer in the G10 space, as broader USD sentiment improved (BBDXY +0.28%).
- USD gains were aided by better US data, including a dip in initial jobless claims and upward revisions to U. of Mich. consumer inflation expectations. US yields finished marginally higher, albeit more so at the front end. The 2yr yield last tracked near 4.90% (intra day highs were closer to 4.94%).
- Equity sentiment was mostly positive, although gains were under 0.50% for major EU/US markets. Commodity indices slipped for both the headline Bloomberg index (-0.73%) and metals (-1.73%) amid the continued USD recovery.
- The local data calendar is quiet today, with Q3 retail sales out tomorrow, which will leave NZD determined by broader risk sentiment.
- For NZD/USD, recent highs rest at 0.6086, which is just above the 200-day EMA (0.6062). On the downside, the 100-day EMA is just under 0.5990.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.