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AUD: A$ Range Trading But Stronger Against Kiwi Following NZ CPI

AUD
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AUDUSD has been trading in a narrow range today falling to 0.6255 and then rising to 0.6277 driven by movements in the greenback as there has been little new information so far (USD index is slightly higher). It is currently down 0.15% to 0.6265 continuing its downtrend. 

  • The 6-month annualised rate of the December Westpac lead index was slightly slower at 0.25% after 0.33%. This measure leads growth relative to trend by 3 to 9 months and it was positive throughout Q4 signalling some improvement in growth over H1 2025.
  • AUDNZD is 0.2% higher at 1.1076 after Q4 NZ CPI printed broadly in line with expectations but showed a greater slowing in non-tradeables inflation. The data strengthened the view that the RBNZ will cut rates again by 50bp at its February 19 meeting.
  • Aussie is relatively flat against other major currencies with AUDJPY around 97.55, AUDEUR 0.6018 and AUDGBP 0.5078.
  • Equities are mixed with the ASX up 0.4% and S&P e-mini +0.2% but Hang Seng down 0.6% and CSI 300 -0.3%. Oil prices are range trading with WTI around $75.76/bbl. Copper is 0.4% lower and iron ore around $104/t.
  • Later US December leading index prints and ECB President Lagarde and Bundesbank’s Nagel speak. 
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AUDUSD has been trading in a narrow range today falling to 0.6255 and then rising to 0.6277 driven by movements in the greenback as there has been little new information so far (USD index is slightly higher). It is currently down 0.15% to 0.6265 continuing its downtrend. 

  • The 6-month annualised rate of the December Westpac lead index was slightly slower at 0.25% after 0.33%. This measure leads growth relative to trend by 3 to 9 months and it was positive throughout Q4 signalling some improvement in growth over H1 2025.
  • AUDNZD is 0.2% higher at 1.1076 after Q4 NZ CPI printed broadly in line with expectations but showed a greater slowing in non-tradeables inflation. The data strengthened the view that the RBNZ will cut rates again by 50bp at its February 19 meeting.
  • Aussie is relatively flat against other major currencies with AUDJPY around 97.55, AUDEUR 0.6018 and AUDGBP 0.5078.
  • Equities are mixed with the ASX up 0.4% and S&P e-mini +0.2% but Hang Seng down 0.6% and CSI 300 -0.3%. Oil prices are range trading with WTI around $75.76/bbl. Copper is 0.4% lower and iron ore around $104/t.
  • Later US December leading index prints and ECB President Lagarde and Bundesbank’s Nagel speak.