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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

The cross remains in session highs on Tuesday, after the Canadian Wholesale Sales during December contracted more than expected, falling 0.9% MoM vs. -0.4%. Continuing with the results, Canadian...
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Commodities Brief – Precious metals pare gains at onset of US trading

Gold prices have waned at the start of American trading, leading to an overall paring of gains for the yellow metal from the 1614 level earlier today. In recent minutes, the dip has taken the price below the 20, 50, and 200-day SMA, also recording a daily low in the region of USD $1609.05 at the time of writing. With American markets poised to reopen after being on holiday yesterday, President Obama reportedly is pressuring Republicans to avoid a series of sweeping cuts that will trigger on March 1, merely nine days away.
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