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Free AccessUSD Weaker; NZD Outperforms
USD sentiment remains on the back foot, sitting weaker against all the majors, while NZD and AUD are seeing outperformance.
- NZD/USD rose more than 1% today, getting close to 0.6470 before settling back at 0.6450. Higher US equity futures has improved risk appetite, with mixed readings in Asian markets not impacting sentiment at this stage.
- The RBNZ is main event risk this week in NZ, with the market expecting a 50bps hike, which supported by the RBNZ Shadow Board view. NZ 2yr swap rates are around 5bps higher on the day. A 50bps hike is close to fully priced for this week's meeting.
- The AUD has been dragged higher by NZD performance, although has unperformed modestly. AUD/USD is back at 0.7090, +0.70% higher on the day, while the AUD/NZD cross is back sub 1.1000. With the election now behind us and solid chance of Labor holding a small outright majority, tail risk around political uncertainty has been removed for the AUD.
- Elsewhere, the USD remains on the backfoot. US yields are higher on the day, but the differentials with the majors fell sharply last week. EUR/USD is back close to the 1.0600 handle, while USD/JPY is down through 1.2750. GBP/USD back towards 1.2550.
- On the data front, German Ifo Survey will take focus after Asia hours. Comments from ECB's de Cos, Holzmann, Nagel & Villeroy, Fed's Bostic & BoE's Bailey are on tap.
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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.