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Higher, But Struggling Above 1.1000

AUDNZD

AUD/NZD has edged into a slightly higher range, tracking close to the 1.1000 level. The pair is meeting selling interest above this level though, note the 50-day MA comes in at 1.1013.

  • Today has seen slight A$ outperformance versus NZD, but both currencies are seeing tight ranges against the USD.
  • The recent volatility in short term rates continues. The AU-NZ 2yr spread is back to -80bps, down from yesterday's highs of -70bps. This spread remains above recent lows though. 10yr spreads are also lower on the day, but by a smaller magnitude.
  • Spreads were moving in favor of the AUD yesterday, so today’s shifts may be helping to cap gains in the AUD/NZD cross rate.
  • A reminder that the data calendar swings into gear tomorrow, with AU retail sales on tap, followed by NZ business and consumer sentiment updates on Thursday and Friday respectively.
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