* Tsys futures closed mixed, they initially started on the back foot in a continuation of the bear...
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The Aussie 10-yr futures contract continues to trade below the Dec 11 high of 95.851, and has traded through the Dec low. A stronger bearish theme would expose 95.275, the Nov 14 low and a key support. Clearance of this level would strengthen a bearish theme. For bulls, a confirmed reversal and a breach of 95.851, the Dec 11 high, would instead reinstate a bull cycle and refocus attention on resistance at 96.207, a Fibonacci retracement point.
Seasonally-adjusted card spending in NZ rose 1.5% m/m in December to be up 1.2% y/y, the highest since February. Retail transactions were even stronger on the month rising 2% m/m, the fifth consecutive increase, but are only 0.6% y/y higher. 125bp of monetary easing and lower inflation appear to be encouraging consumers to spend again.
NZ retail sales y/y%