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AUD/NZD Closes Back Above 1.100

NZD
  • The AUD/NZD finished the session up 0.06% at 1.1005 and closed above 1.100 for the first time since early May.
  • All eyes will be on the RBNZ today, they aren't expected to cut with the market pricing in just a 3% chance. It is also expected that tone will be little changed as the MPC has made clear that it is too early to talk about rate cuts.
  • Key levels to watch: Initial support lays at 1.0932 (20-day EMA) a break here would open a move to 1.0894 (50-day EMA). While a break back above 1.1019 (July 9 high) would open a move to the yearly highs at 1.1031 (May 7)
  • The AU-NZ 2yr swap is 2bp higher at -41bps
  • Expiries: No strikes today. Upcoming notable strikes include; 1.106 (374.3m) & 1.110 ($372.95m) & 1.121 ($369.29m) July 12th
  • Today, RBNZ rate decision, while China PPI & CPI will be closely watched.
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