Forex Flash: NZD stable against USD and outperformed by AUD – NAB
Forex pairs in this Article »
AUD/NZD
FXstreet.com (Barcelona) - The recently released China flash PMI this week was poor, which raised the market's belief in more China stimulus, leading to the recovery in local equity markets and indeed the AUD. Today we get the less well-followed MNI sentiment indicator. This isn't always market moving, but may well show the same theme.
According to Research Analyst Emma Lawson at NAB, "China is not recovering as quickly as previously expected by markets, and the recent global, and local, trade data has also reflected this theme."
Yesterday we also received NZ trade data, which yielded mixed results. The NZD, not subdued by the current AUD resources negativity, has been relatively stable against the USD and outperformed the AUD. "Given the recent sharp AUDNZD move (to 1.2850), we could see some profit taking on the cross in the very short term. A better than expected outcome would be a greater surprise." writes Lawson.
According to Research Analyst Emma Lawson at NAB, "China is not recovering as quickly as previously expected by markets, and the recent global, and local, trade data has also reflected this theme."
Yesterday we also received NZ trade data, which yielded mixed results. The NZD, not subdued by the current AUD resources negativity, has been relatively stable against the USD and outperformed the AUD. "Given the recent sharp AUDNZD move (to 1.2850), we could see some profit taking on the cross in the very short term. A better than expected outcome would be a greater surprise." writes Lawson.
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