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AUDNZD: Daily & Intraday analysis update

The New Zealand dollar fell on Wednesday as a climb in the jobless rate cemented bets of an end to rate hikes at home, while the Aussie recovered from an earlier dip on soft China manufacturing data. Two-year swap rates (NZDSM3NB2Y=) fell 12 basis points to 5.4650%, the lowest since early September and a long way from their October peak of 5.835%.

“Much of the weakness in the Aussie and Kiwi reflects poor China data and faltering domestic growth; we think these headwinds have largely run their course,” said analysts at Capital Economics.

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