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Analysts at ANZ explained that the NZD/USD was on the back foot, despite the weaker greenback.

Key Quotes:

“USD was on the back foot overnight, so was the NZD.”

“Risk concerns, commodity price jitters, positioning and Chinese data slowing yesterday have been applying the pressure. “

“Today softer REINZ housing data could provide further pressure, but much will depend on US CPI data for October tonight. Overnight the US PPI suggests some building pipeline inflation pressures and perhaps supports the idea that earlier CPI weakness is likely to have been transitory, which should be USD positive.”