Free Trial

AUD/NZD Drops Below 1.1100, Employment Data Later

NZD
  • The AUD/NZD sold off on Wednesday, with the cross closing near session's worst levels, down 0.60% to 1.1062. We sit slightly higher now, last around 1.1066. A firm uptrend in the pair persists, the cross continues to trade well above all key EMA's with the 20-day EMA currently at 1.1009.
  • The focus today will be on the AU employment data, which is expected to show a modest decrease in job numbers for June, with the unemployment rate forecasted to rise to 4.1% from 4.0%.
  • The cross continues to track the AU-NZ 2yr swap spread which fell slightly on Wednesday to -12bps, from recent highs of -8.5bps. It has surged almost 40bps this month.
  • Expiries: 1.100 ($454.55m) and1.0850 ($498.85m) July 18th NY cut, upcoming notable cuts include 1.105 ($200m)

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.