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Free AccessRelative Data Momentum Still Supportive
The AUD/NZD cross has pushed back to fresh multi-week highs, above 1.1080. Relative data momentum remains in favor of higher cross levels.
- The chart below plots the AUD/NZD cross against relative business conditions, which reflects the difference between the AU NAB business conditions index (last +16) and the NZ ANZ activity outlook measure (last -9.1).
- The latest reading on the chart assumes the next NAB business conditions reading, which is due in the middle of July, is unchanged.
- We could see some downside from this print but note the AU preliminary PMI readings for June held up well.
- The general tone to Australian data also remains upbeat in a relative sense. Today, we had a surge in job vacancies, along with slightly stronger credit data. This comes after yesterday's solid retail sales beat.
- Yield spreads have moved in AUD's favor today, up 2.5bps for 2yr swaps to -51bps, while in the government bond space the same spread has risen by +5bps.
Fig 1: AUD/NZD & Relative Business Conditions
Source: MNI - Market News/Bloomberg
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.