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BLOCK, 30Y Puts


Stalls, But Bias Remains Higher


$2B CSX 3Pt Launched


FED Reverse Repo Operation


WH Press Conference Due To Begin Shortly

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KIWI: The NZD has been on the backfoot in early dealing following the RBNZ
MonPol decision. - The Reserve Bank stood pat, as was universally expected.
- Gov. Orr began the statement by stating the outlook for monetary policy is for
the OCR to remain at 1.75% for "some time to come" along with the equally
balanced risks for a move up or down but ended by saying it would remain at this
level for a "considerable period."
- The RBNZ trimmed its CPI exp., and now looks for CPI to hit 2.0% in Q420;
prev. Q320.
- The Bank's OCR projections now look for a hike in Q319; prev Q219.
- The path for exchange rate was slightly lowered.
- NZDUSD hit fresh YtD lows of 0.6934 on the move lower, with support not seen
until the December 12 2017 low (0.6899), while AUDNZD printed a high of 1.0761,
just shy of the March 22 high (1.0762), with the next resistance level above
that is seen at the 100-DMA (1.0768). NZDUSD last 0.6945, AUDNZD last 1.0745.
- RBNZ Gov. Orr's press conference is now underway.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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