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Feb 06 - 07:55 AM

NZD/USD - Door Open To Test 0.60 Ahead Of NZ Jobs Data

By Justin Mcqueen  —  Feb 06 - 05:45 AM
  • NZD/USD set for a test of 0.60 following close below its 200DMA (0.6086)

  • USD demand the key driver behind weakness. China sentiment also a headwind

  • Softer GDP/CPI figures vs RBNZ projections nL1N3EE131

  • Raises importance of NZ jobs (Feb 6) and inflation expectations (Feb 8) data

  • Q4 unemployment rate seen at 4.2%, matching RBNZ's f/c

  • However, a miss would support case for a dovish RBNZ shift

  • Fed's asymmetrical reaction to weak jobs data may also apply to other CBs

  • Powell "unexpected weakening in jobs market would cause Fed to cut sooner"

  • Resistance: 0.6086 (200DMA). Support: 0.60 (61.8% fib of Q4 rally)

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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