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AUD/NZD Continues Move Higher, MI Inflation Shortly

NZD
  • The AUD/NZD edged slightly higher on Friday reaching a new monthly high of 1.0964 before closing up 0.16% at 1.0947.
  • AUD/NZD has held onto gains made on the back of Australia's higher inflation reading on Wednesday, and finished the week up about 0.90%, and have opened slightly higher this morning at 1.0956.
  • Key levels to watch: Initial support lays at 1.0930 (June 28 lows) a break here would open a move to 1.0900 (round number) below here 1.0865-70 (20 & 50-day EMA). Resistance is 1.0974 (intraday high), a break here would open a move to 1.100 (May 13 high)
  • The AU-NZ 2yr swap is 5bps higher at -51bps
  • Expiries: No strikes today, upcoming strikes include 1.0800 ($600m) 1.0700 ($900m) for July 4th NY cut
  • Today, Australia has Judo Bank PMI at 9:00, MI Inflation at 11:00 & ANZ-Indeed Jobs at 11:30 AEST, focus will also be on China Caixin PMI at 11:45 AEST
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