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AUD/NZD Hits Fresh Lows Back To May 2023, On Local Bank RBNZ View Change

FOREX

Outside of NZD, USD dips have mostly been supported today, although overall moves have been fairly muted. The BBDXY sits a touch above end Thursday levels in NY, 1243.3.

  • US yields are slightly lower, but we are away from session lows. US equity futures are down a touch, but neither space has impacted FX sentiment a great deal today.
  • NZD has pushed higher, after ANZ's view change that it sees 25bps hikes in Feb and Apr of this year. The Bank then expects rates to hold at 6% until Feb 2025. NZD/USD got to a high of 0.6129, but we now sit back near 0.6120, still up neat 0.40% for the session.
  • The AUD/NZD cross fell to a fresh low of 1.0596 (BBG), but we now sit slightly higher at 1.0605/10. Lows back to May last year sit at 1.0560.
  • AUD/USD has been relatively steady, last near 0.6495. RBA Governor Bullock testified before local parliament this morning, but has struck a familiar tone to Tuesday's RBA statement and press conference. Risks around policy are finely balanced.
  • USD/JPY got to 149.49, but we now sit slightly lower (last near 149.40). FinMin Suzuki just familiar rhetoric around FX markets (the first such since Jan 19), but this didn't impact market sentiment. BoJ Governor Ueda also stated before parliament that accommodative financial conditions will very likely continue even if the BOJ terminates its negative interest rate policy. This echoes similar comments from the Deputy Governor yesterday.
  • Looking ahead, US inflation revisions are in focus later. BLS will update seasonal factors affecting CPI inflation through 2019-23 on Friday, Feb 9 “from 0830ET”. Canada jobs data is also out.
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