I am Long on AUD/NZD
Expecting the CPI from New Zealand later tonight to be a bit on the soft side.
Why?
China should be exporting some deflation, RBNZ is super tight with rates at 5.5%, and CPI in Australia printed on the soft side two weeks ago.
So…
We like the risk reward of positioning for a weak CPI tonight and a more dovish RBNZ ahead.
That should soften the NZD, and lift AUDNZD higher.
Target 1.0950
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