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Clawing into month end

FX markets are likely to see a subdued session today, with several European countries away for the Ascension day holiday.  As we mentioned in our daily, AUDNZD was the most interesting move overnight, pushing above the 1.0950 level to take it above levels seen in early February and to tackle levels last seen in mid-December.  This cross was the big mover of last year and with New Zealand having raised rates to 3.00% many were looking for continued downside, but the Aussie has continued to perform well, so this latest moves will have likely shaken out more Aussie shorts, but it’s difficult to take on a more bullish stance should New Zealand pause its tightening cycle this year, as seems likely.

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