July 04, 2024 21:52 GMT
AUD/NZD Edges Higher Tests 1.1000, Focus Turns To RBNZ Wednesday
NZD
- The AUD/NZD marked the fifth straight day of gains, finishing the session up 0.08% at 1.0995.
- The cross tested 1.1000 overnight, but was unable to trade above. Looking ahead to next week, eyes will be on the RBNZ who are widely expected to keep rates on hold at 5.5%, with the market pricing about a 95% chance of a cut in November verses Australia were the market is currently pricing 23% chance of hikes across the next two meetings.
- Key levels to watch: Initial support lays at 1.0962 (July 3 lows) a break here would open a move to 1.0929 (Weekly low) below here 1.0908 (20-day EMA). While a break above the overnight highs of 1.100 would open a move to the yearly highs at 1.1031 (May 7)
- The AU-NZ 2yr swap continues to move higher, up another 2bps at -42.50bps
- Expiries: there are no notable strikes upcoming
- Today, the calendar in the region is light.
152 words