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Forex Flash: NZD/USD to advance towards 0.85 by year end - BNZ

FXstreet.com (Barcelona) - The Kiwi is trading firmer on Thursday, following an upbeat GDP release in New Zealand. According to Mike Jones, currency strategist at BNZ, "NZD/USD settles into the 0.8200-0.8350 range, as expected, with more of the same looking likely near-term, contingent on Cyprus, Italy..."

Mike adds: "We are firm believers that the NZ economy is building up a head of steam, and should continue to grow at a faster pace than our trading partners. This morning’s stellar GDP figures, while backward looking, certainly support this view. Besides, building NZ economic momentum, rising commodity prices, and the less fragile global backdrop all support our view for the NZD/USD to trend higher into year end. Our Q4 forecast is now 0.8500, with a stronger USD the key downside risk to this view."

HSBC PMI in China at 51.7, two month high

The HSBC Flash China Manufacturing Purchasing Managers’ Index came better-than-expected at 51.7 in March vs 50.4 in February, a two-month high. Flash China Manufacturing Output Index stood at 52.8 vs 50.8 in February, also a two-month high, overall a pretty solid read giving the Australian Dollar a temporary boost.
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Forex: AUD/USD muted post-HSBC PMI China around 1.0380

Better than expected HSBC flash manufacturing PMI China at 51.7 vs 51.2 is pushing AUD/USD slightly to the upside last at 1.0387 though still capped below the 1.0393 mark, session highs so far. Reaction seems to be heavier on USD across the board weakening the greenback across specially against Pound and Euro, but not that much against the Aussie.
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