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Antipodean FX Await RBA SoMP

AUSSIE-KIWI

AUD/NZD has oscillated around neutral levels, last trades flat at NZ$1.0821. Bulls continue to target Aug 5 high of NZ$1.0862. A clearance of that level is needed to clear the way to Jun 2 YtD high of NZ$1.0881. Bears look for a dip below the NZ$1.0800 mark, which would expose Aug 3 low of NZ$1.0718.

  • Participants continue to watch the coronavirus situation in Victoria. Elsewhere, Australian Treasurer Frydenberg said this morning that the government will add A$15.6bn to its JobKeeper programme.
  • The RBA's Statement on Monetary Policy and a speech on the SoMP from RBA Asst Gov Ellis headline in Australia today. New Zealand's economic docket is empty, but China's trade data may provide some interest.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com