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NZD – Back to 7300?
Kiwi has found its footing over the past few days and the pair looks ready to make another run at the 7300 level over the next several days. The latest data from the Dairy Auctions has been encouraging as prices have stabilized and are starting to rise. Furthermore, the economic data from New Zealand suggests that growth remains on track and RBNZ would be hard pressed to cut rates much beyond the 25bps already factored in.
Tonight’s NZ Employment report could be key. The market is looking only for a modest change of 0.6% from 2.4% the period prior, but the unemployment rate is expected to stay at 5.1%. If the data meets or beats expectations, the kiwi could easily take out the 7200 figure and push onward to 7300 as the week proceeds.
Technically the pair has made a bullish higher double bottom ahead of .7100 and as long it holds those levels it looks constructive form the long side.