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AUD/NZD Edges Higher, Eyes 1.1000, AU-NZ 2yr Swap At New Highs

NZD
  • The AUD/NZD edged slightly higher on Tuesday reaching a new monthly high of 1.0989 before closing up 0.06% at 1.0970.
  • The cross is now trading 2.20% higher from recent cycle lows, made on June 6, as a more hawkish RBA and stronger than expected AU inflation data supports the AUD, while falling dairy prices may also cause the NZD to fall.
  • Key levels to watch: Initial support lays at 1.0930 (June 28 lows) a break here would open a move to 1.0907 (post cpi low/ June 27 low) below here 1.0850 (pre cpi/ June 26 lows). Resistance is 1.0989 (July 2 high), a break here would open a move to 1.100 (May 13 high)
  • The AU-NZ 2yr swap is 2bps higher at -47bps
  • Expiries: No strikes today, upcoming strikes include 1.0800 ($600m) 1.0700 ($900m) for July 4th NY cut
  • Today, Judo Bank Australia PMI at 9:00, Retail Sales & Building Approvals at 11:30 AEST
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