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Supported Ahead Of 0.6100, Card Spending/Migration Figures Out Today


NZD/USD tracked fairly tight ranges for Monday's session. Dips towards 0.6100 were supported, but the pair couldn't get much beyond 0.6130 on the topside. We track near 0.6120 in early Tuesday dealings, little changed from levels at the end of last week. Broader USD trends were mixed for the BBDXY, nudging up close to 0.15% for Monday's session.

  • Outside of yen weakness (-0.85%) we didn't see a great deal of movement in the G10 space. This comes ahead of Nov US CPI later in the Tuesday session and the US FOMC tomorrow.
  • US yields finished marginally higher at the back end of the curve Monday, although the 10yr yield finished well off intra-session highs (4.235%). Equity sentiment was marginally positive in EU/US markets.
  • For NZD/USD, downside support may be evident under 0.6100. Note the 20-day EMA is near 0.6090, while the 200-day is at 0.6073.
  • Coming up shortly on the data front is Nov card spending and Oct net migration figures, which are typically not market movers.

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