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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.
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Free AccessWestpac note that "the RBNZ's shock.....>
AUSSIE-KIWI: Westpac note that "the RBNZ's shock 50bp rate cut on 7 August
ignited a steep AUD/NZD rally, from the 1.03 handle to 10 month highs above 1.08
in late September. Since then, AUD/NZD has consolidated in a 1.0650-1.0800 range
and near term risks seem tilted modestly lower. While Australia's broad
commodity export basket has recovered some of its steep decline in July-August,
iron ore has lost momentum this month and the demand outlook suggest further
losses. Meanwhile we have raised our forecast for NZ dairy prices. Market
pricing for further cash rate cuts has been trimmed for both the RBA and RBNZ,
partly in line with global yields as US-China trade tensions have eased but also
on local data and the tone of central bank officials. The RBNZ has more easing
priced in than does the RBA, so based on our forecasts of one more cut each,
AU-NZ rate spreads could fall slightly. This suggests the cross spends plenty of
time under 1.0700 into month-end. But that would be an opportunity to buy, for a
multi-month move to 1.1000, backed by fair value estimates holding well above
1.1000. On our calculations, AUD/NZD has been undervalued to some degree since
2016 but the gap has narrowed over 2019."
To read the full story
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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.