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Forex Flash: RBNZ disappoint rate cut expectations - Westpac

FXstreet.com (Barcelona) - The RBNZ’s was mostly a repeat of the statement from March, notes Sean Callow, FX strategist at Westpac, adding that "it has probably disappointed those expecting further emphasis on the high NZD, and therefore an increased chance of a rate cut."

Sean continues: "All of the key points from the March statement were repeated, but there was a notable omission from the final policy paragraph – the sentence 'There are both upside and downside risks to this outlook' was omitted. This was interpreted as reducing the chance of a rate cut."

Looking ahead, Sean notes "the initial reactions are probably adequate so there may be little follow through as the day progresses. NZD/USD has minor resistance at 0.8460, and 0.8500 beyond is a major cap."

Forex Flash: CPI alone unlikely to prompt RBA cut in May - NAB

With AUD/USD last at 1.0267 bouncing from fresh 1-month lows yesterday at 1.0218 to almost break even for the week, central risk event for the Asia-Pacific today will be Australia CPI data release. According to the NAB: “Core inflation in the March quarter is forecast to rise 0.5% for 2.5% yoy,” while “Headline CPI inflation is expected to be a little stronger, at 0.7% (2.8% through the year),” the bank says.
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Forex: USD/SGD continues higher, Singapore CPI (m/m) lowest since Oct ‘12

The USD/SGD finished the day 7 pips higher at 1.2411. The pair had at one point traded as high as 1.2426 but was unable to maintain a firm bid at higher levels and leaked slightly lower to end the day. This level also capped advances in early April and should be monitored as a key resistance pivot in coming sessions.
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