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Trimming Weekly Loss

NZD

NZD/USD crept higher into the final WMR fix of Q3 and remained afloat in NY hours, with escalating concern over rising energy prices lending some support to commodity-tied FX. New Zealand's headline flow was relatively light.

  • CoreLogic House Price Index rose 1.4% M/M in September, with the pace of monthly growth slowing from August's 1.6%, which represented "the fifth consecutive month of easing growth rates." The authors of the report suggested that tighter lending conditions may further entrench this slowdown.
  • Elsewhere, ANZ Consumer Confidence Index fell to 104.5 in September from 109.6 recorded in August.
  • NZD/USD has been unfazed by local data releases from this morning and last trades flat at $0.6899. Bulls look to a move through the 50-DMA at $0.7010, which would bring Sep 23 high of $0.7093 into view. Bears need a retreat past Thursday's low of $0.6860 before taking aim at Aug 20 low of $0.6805.
  • In the coming week, the RBNZ's next monetary policy meeting is set to provide the main local highlight.
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