Major pairs, crosses and CFD market structure — levels, positioning and the macro behind the move.
USD/ZAR sits at 15.9672 while platinum is down a third from its January peak. Why the rand rose anyway, and where the 17.20 bull and 15.10 bear cases sit.
NZD/USD trades near 0.5886 after the RBNZ hiked the OCR to 2.75%. A flat year on the dollar hides a 9.3% kiwi loss to the Aussie. Bull 0.6150, bear 0.5550.
EUR/USD holds 1.1578 with the two-year US-euro spread at 151bp and carry costing a euro long 167 pips a year. Bull case 1.2050, bear case 1.1250, base 1.1500.
