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Apr 10 - 02:55 AM

NZD/USD - Firms After RBNZ Holds And Maintains Cautious Guidance

By John Noonan  —  Apr 10 - 12:00 AM
  • NZD/USD opened +0.48% at 0.6061 after AUD and NZD outperformed

  • RBNZ remained on hold as expected and statement much the same as Feb nL2N3GJ02X

  • RBNZ still feels policy must remain restrictive to achieve inflation target

  • NZD/USD firmed as some were expecting a slightly dovish tweak

  • It traded to 0.6077 and is near the session high into the afternoon

  • Break above 200-day MA at 0.6066 targets 38.2 of Dec-April move at 0.6103

  • Support is at the 21-day MA at 0.6034 and break would ease upward pressure

  • Focus now shifts to Fed expectations as US CPI is out later today

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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