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Forex Flash: NZD downside favored this week – BNZ

FXstreet.com (Barcelona) - In New Zealand, “the market and everyone else expects the RBNZ to leave the OCR at 2.5% on Wednesday. As for the NZD reaction, this will depend on how the accompanying statement balances signs of building economic momentum and house price heat against a currency that continues to exceed RBNZ expectations.” notes the BNZ Research Team.

Governor Wheeler might be tempted to have another crack at jawboning the NZD but, as with the March MPS, this won’t have any lasting impact on the currency.

All up, “the balance of risks favor the downside for the NZD/USD this week. A break below key support at the 0.8360 200-day MA would pave the way for a deeper correction towards 0.8250. Bounces should be limited to initial resistance at 0.8450.” the team calculates.

Forex Flash: LDP and New Komeito coalition likely to gain Upper House majority - Nomura

Nomura strategist Yujiro Goto notes that based on past election results, the LDP and New Komeito coalition is likely to gain majority in the upper house at the forthcoming election in July if the coalition gains more than 40% of the votes.
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