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Forex Flash: NZD/USD strategy profile – Westpac

According to the Westpac Strategy Team, “We remain bearish towards the NZD in the short- term, targeting 0.8155 at least, and 0.8050 beyond that. Positioning remains a headwind, with little of the extreme long speculative positioning having been pared back, and the widening NZ drought is now assessed by the RBNZ as worth -0.3% to GDP this year with downside risk.”

In addition, the freshest negative factor however, is the RBNZ’s surprisingly tough stance on the high NZD. At the recent MPS, it presented an alternative scenario whereby it could cut the OCR if the NZD significantly exceeded its forecasts.

Forex: EUR/USD retraces losses on US session

After printing the daily low at 1.2912 by the time that US data was being published, the EUR/USD pulled back and retraced its losses at 1.2961 opening price. The upside is finding some resistance at 1.2970 as of writing.
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Session Recap: USD reverses gains

The European session was characterized for broad dollar strength after the eurozone reported disappointing employment figures as EU leaders meet yet once again. However, USD reversed gains at the beginning of the NY session, as investors cheered-up the fifth consecutive dip in US initial jobless claims.
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