Fundamental OverviewYesterday, the US Consumer Confidence report surprised to the downside with one of the largest drops since 2021. The labour market data in the report softened a lot and it generally leads the unemployment rate. The market responded by raising the probabilities for the Fed to cut by 50 bps in November to roughly 60%. The question now is whether this is just about the low hiring rate or something worse. We will have to wait for the NFP report next Friday. On the NZD side, the market is pricing a 56% chance of a 50 bps cut at the upcoming meeting and 90 bps of easing by year-end. NZDUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that NZDUSD almost rea
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