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A$ Close To Session Highs As Lowe Speaks, AUD/NZD Stabilizes

AUD

AUD/USD sits off session highs as RBA Governor Lowe delivers his speech. The pair spiked to 0.6780 after the RBNZ's surprise +50bps hike. Since then, the pair has been range bound around the 0.6760/80 region. At this stage, Lowe's speech hasn't shifted A$ sentiment a great deal, albeit a touch firmer. The RBA Governor has emphasized that the tightening cycle is not necessarily over, but hasn't altered the language used in yesterday's statement.

  • The A$ is now 0.30% higher for the session, dragged higher by NZD bounce. The simple 200-day MA comes in close to 0.6750 for AUD/USD. We couldn't sustain a break below this level from Tuesday's session (0.6720 low).
  • On the topside, the 50 and 100-day MAs come in around the 0.6800 level.
  • The AUD/NZD cross has stabilized somewhat, last close to 1.0650, versus earlier lows near 1.0620.
  • The AU-US 2yr spread sits close to recent highs, last around -96bps, with lower US yields the main driver. We were around -115bps in the latter stages of March.
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