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AUD/NZD Continues Downward Trend, Holds Above 1.0800

NZD
  • The AUD/NZD fell again on Friday, down 0.37% at 1.0825 and has now fallen over 2% from the August 16 highs and had its lowest weekly close since mid-June.
  • The cross did test 1.0800 on Thursday before quickly paring losses, indicating strong support at the level below here the June lows of 1.0733 is the next major support. To the upside initial resistance is 200-day EMA at 1.0886 with 1.0930 (100 & 20-day EMA) the next resistance
  • RBA dated OIS is pricing in just a 7% chance of a cut in the September meeting, while into year-end OIS has continued to soften at 18bps now.
  • The AU-NZ 2yr swap spread rose 3bps on Thursday to -11bps.
  • Expiries: 1.0985 ($220m) Sept 4 & 1.1000 ($200m) Sept 5
  • Today, CoreLogic Home Values, MI Inflation, Inventories, ANZ-Indeed Job Advertisements, Building Approvals for Australia
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