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AUD/NZD Edges Lower, Yuan Dynamics In Focus

AUSSIE-KIWI

AUD/NZD faltered early on, as a tweak to the PBoC's FX risk reserve requirement ratio weighed on the yuan. The rate has already ticked away from lows and last deals -14 pips at NZ$1.0845. Bears eye Oct 6 low of NZ$1.0760 for initial support and a break here would open up Sep 25 low of NZ$1.0718. Meanwhile, bulls look for a break above Oct 8 high of NZ$1.0898, which would expose Sep 10 high of NZ$1.0936.

  • New Zealand enters the final stretch ahead of Saturday's general election, but it is worth noting that early voting is open and almost 1.2mn Kiwis have already taken the opportunity to cast their ballot papers. Stuff will host a debate between current FinMin Robertson & National Financial Spokesman Goldsmith at 19:00 NZDT today.
  • Earlier today, FinMin Robertson (again) ruled out implementing a wealth tax, echoing PM Ardern's communique from this morning.
  • Across the Tasman, Treasurer Frydenberg speaks at typing.
  • Nothing much on today's regional calendar, focus moves to card spending, food price index & a speech from RBNZ Dep Gov Bascand, due tomorrow.
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