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Forex: NZD/USD rebuffed by 0.8500 level

FXstreet.com (Barcelona) - The NZD/USD rebounded off the 0.8445 level during European trading Tuesday, having failed to extend lower. This move was met with parallel stubbornness, as the 0.8500 level was also unable to be breached, stopping short at 0.8490 (session high). In these moments, the cross is steadfastly operating +0.83% above it’s opening, settling at 0.8475/76.

Mataf.net analysts points to short-term resistances at 0.8573, onto 0.8654, and 0.8737. On the decline, the NZD/USD is slated to face short-term support at 0.8349 ahead of 0.8266, and finally the 0.8155 handle.

According to the ICN.com Analyst Team, “The NZD/USD's steep decline on Monday ceased and has returned up again. However, the pair settles below 78.6% correction at 0.8530, supporting the return of the downtrend and its continuation, helped by the negativity of the stochastic. Our negative expectations stand valid unless the pair surpasses that correction.”

Forex: USD/JPY still failing at 98.00

The market retracement seen during the Asian and European session after the drop to 95.83 low failed to extend above the 98.00 handle as it peaked at 98.01 high and has been quoting just below that area despite several attempts.
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Forex Flash: CBRT surprises with wider rate cut than expected, by 50bp to 5% - TD Securities

TD Securities analysts reported the widely expected repo rate cut by the CBRT decided at their April 16th meeting. “They cut 50bp to 5.00% instead that 25bp we and the consensus had expected. The CBRT also slashed the overnight rate corridor (both lending and borrowing rates) by 50bp, in line with our forecast (consensus looked for -25bp on the lending rate and -50bp for the borrowing rate)”, wrote analyst Cristian Maggio, considering it a strong message to the market that short-term rates should be lower, hence the lira weaker. “The market was positioned for a dovish outcome, but the combined CBRT measures came in even more loose than expected”, continued Maggio, adding that the CBRT also decided to withdraw additional liquidity by increasing the ROCs by 0.2 on all tranches but the first one of FX reserves commercial banks hold at the CBRT. “The effect should be $1.4bn of liquidity drained from the market”, he concluded.
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