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MUFG trade of the coming week: Buy NZD/USD

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The kiwi was the top performer last week

The kiwi was the top performer last week

Currency investors should consider buying NZD/USD, MUFG Research writes in its weekly FX pick.

The firm recommends longs in NZD/USD from stop at 0.7073 with a target of 0.7400 and a stop at 0.6930.

“We are recommending a long NZD/USD trade idea. We have been encouraged by the reassuring comments from the Fed leadership over the past week that have helped to dampen fears over a more abrupt tightening of Fed policy,” MUFG notes.

“The NZD should continue to derive more support as well going forward from building expectations of RBNZ tightening,” MUFG adds.

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