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Forex Flash: AUD/NZD near 2010 lows – ANZ

According to FX Strategists David Croy and Andrew Salter at ANZ, “News today that China destroyed NZ milk cargoes, although not unexpected nor unprecedented, will provide a psychological base in AUD/NZD and coalesce with fundamental factors to see the cross higher in coming weeks.”

After several weeks of soggy price action, the cross is ripe for a correction, supported by what we expect will be a re-assessment of the market’s monetary policy expectations. “We recommend being long AUD/NZD from current levels, looking for a tactical rally back towards 1.2470, with a stop at 1.2140.” they add.

Indeed, the AUD/NZD has collapsed in recent weeks, taking it to levels not seen since 2010. This has largely been in response to a normalization in monetary policy expectations, which is reflected in interest rate differentials.

Forex: USD/CAD keeps highs after Canadian data

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Commodities Brief – Precious metals pare gains at onset of US trading

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