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Forex: NZD/USD unchanged after NZ CPI in line with expectations

FXstreet.com (Barcelona) - Little change in Kiwi last at 0.8474 bids after NZ CPI came out in line with expectations at +0.4% q/q and +0.9% y/y.

The pair has dipped to fresh session lows at 0.8461 on the news but soon has recovered to where it was standing before the data came out. NZD/USD is down -1.1% so far for the week since Friday's close.

Immediate resistance to the upside for NZD/USD shows at yesterday's and Monday's London session highs 0.8510, followed by Friday's lows at 0.8543, and April 10 highs at 0.8590. To the downside, closest support lies at recent session and April 09 lows 0.8462, followed by April 04 highs at 0.8438, and yesterday's/April 05 lows at 0.8374.

New Zealand CPI Q1 offers no surprises

The New Zealand CPI data for the first quarter came in line with expectations, with the monthly reading printing +0.4% m/m vs 0.4% according to a Reuters poll, while on a yearly basis, the New Zealand Q1 CPI stood at +0.9% vs. +0.9% expected.
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Forex Flash: Out of short EUR/GBP into long GBP/USD

The Westpac FX Team is reporting to be out of its short EUR/GBP and has now opened a fresh long on GBP/USD. According to the bank, "we have run with a positive bias on GBP for some time now, having chosen to hold this via short EUR/GBP", however, they just hit their trailing stop (0.8585) for a +2% profit. They add that "on April 11 we recommended rolling from short EUR/GBP into long GBP at 1.5333 and adding on dips to 1.5270 which was hit yesterday."
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