Free Trial
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.
NZD
- The AUD/NZD dropped 0.47% on Tuesday, erasing majority of Monday's move higher. The AUD fell on weaker data out of China which sent the Iron Ore price below $100 a ton. The cross has struggled to break back above the trendline in recent sessions, see chart
- Today we have 2Q GDP data for Australia, while tomorrow RBA Gov Bullock will speak. A more hawkish tone from her should see OIS soften, with the market still pricing in about a 75% chance of a cut at the December meeting.
- AUD/NZD will lift this week if the US labor market data shows resilience because AUD tends to be a little more sensitive to the global economic backdrop than NZD, per CBA.
- Initial support remains at 1.0800 below here the June lows of 1.0733 is the next major support. The cross need to break back above the trendline at 1.0900, before the 20 & 100-day EMA at 1.0915-1.0925 become resistance.
- RBA dated OIS market is pricing in 19bps of cuts at the December meeting. We have firm 5-15bps for meeting in 2025.
- The AU-NZ 2yr swap spread rose 4bps on Tuesday to -5bps.
- Expiries: 1.0985 ($220m) Sept 4 & 1.1000 ($200m) Sept 5
- Today, GDP at 1130 AEST / 0930 HKT and a A$1.2b 2035 Bond Auction at 11:00 AEST / 09:00 HKT
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok