Kiwi has had a relatively quiet night, ranging between .6690 and .6720 and we open this morning at the bottom of that range, with the immediate future direction a little murky and in large part waiting on the ECB announcement and the USD’s reaction to that.
All cross rates have moved marginally in the importers favour overnight as prices take into account the UK leadership change and the work ahead, including the pending ECB interest rate news.
U.S. saw mixed data outputs from manufacturing and services PMI and marginally softer new home sales data, neither had much lasting directional impact and the USD is likely to move sideways ahead the ECB meeting which may reveal some dovish surprises, including a small rate cut.
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