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AUD/NZD Lower Post AU Jobs, Holds Above Support

AUDNZD
  • AUD/NZD is lower after AU Jan Jobs was weaker than expected with 0.5k vs 25k expected, while unemployment ticked up to 4.1% vs 4.0% expected. The pair traded lower from 1.0670 to 1.0650, still comfortably above the Tuesday lows of 1.0640, and major support zone of 1.0600. The 20 and 50-day EMAs are now 1.0695/1.0735.
  • The AU-NZ 2yr swap spread has re-widened to -108bps (-3bps), although we are up from recent lows for the spread of -115bps.
  • Looking ahead, NZ Manufacturing PMI is due out tomorrow, along with RBNZ Governor Orr speaking early morning Local Time. The Aust calendar is empty, leaving Orr's speech a key focus point, particularly around the RBNZ bias in the first half of this year
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