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The Reserve Bank of India raised its key repo rate by +50 bps to 4.9% during its June meeting, after May's surprise +40 bps off-cycle hike. Their trade surplus was marginally smaller too as imports rose faster.
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Taiwanese exports grew less in May than in April, but at about what was expected. In China, parts of Shanghai are back in strict lockdown as pandemic cases are recorded. The median yield rise to 2.95%, up from 2.85% at the previous equivalent event a month ago. There was another well supported US Treasury bond auction earlier today, this one for the 10 year benchmark bond. As we noted yesterday however, some large retailers are feeling high-inventory pain. But as a ratio to sales, the new levels are still relatively low in an historical context. Part of that rise includes inflation of course. Registered Address: 19 North Sangamon Street, Chicago, IL 60607.Here's our summary of key economic events overnight that affect New Zealand, with news that with the oil price up over US$120/bbl and the benchmark UST 10yr yield above 3%, the risks that global stagflation poses have risen sharply.īut first, the fall away in US mortgage applications picked up speed again last week - and are now at more than a 20 year low - as did the rise in their mortgage interest rates.Īnd American wholesale inventories rose +21% in April from a year ago, but that rise was less than in March. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS.įX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400). We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.įX PUBLICATIONS IS A MEMBER OF NFA AND IS SUBJECT TO NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. However, NZD/USD may ultimately track the negative slope in the moving average if it fails to clear the May high (0.6558), with a break/close below the 0.6470 (50% retracement) to 0.6480 (78.6% expansion) region opening up the Fibonacci overlap around 0.6370 (50% retracement) to 0.6430 (78.6% expansion).
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NZD/USD is on the cusp of testing the May high (0.6558) as it manages to hold above the 0.6470 (50% retracement) to 0.6480 (78.6% expansion) region, with a break/close above the 0.6570 (61.8% expansion) area bringing the 50-Day SMA (0.6599) on the radar.Ī move above the moving average may push NZD/USD towards the 0.6630 (50% expansion) to 0.6640 (23.6% expansion) region, with the next area of interest coming in around 0.6690 (38.2% expansion) to 0.6710 (61.8% expansion). Keep in mind, NZD/USD reversed course ahead of the June 2020 low (0.6185) as it struggled to close below the 0.6230 (61.8% retracement) region, with the advance from the May low (0.6216) pulling the Relative Strength Index (RSI) out of oversold territory. In turn, NZD/ USD may attempt to test the 50-Day SMA (0.6599) for the first time since April on the back of US Dollar weakness, but lack of momentum to test the indicator may cast a bearish outlook for the exchange rate as the moving average reflects a negative slope.