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AUDNZD: AUD/NZD Back Below 1.1100 Ahead Of AU CPI & RBNZ

AUDNZD
New ZealandBulletAPACForeign Exchange BulletsAustraliaMarkets
  • The AUD/NZD fell 0.27% on Tuesday, falling back below 1.1100 to close at 1.1096, we trade little changed in early morning trading. Later this morning we have AU CPI, which is expected to show a increase to 2.3% from 2.1% prior, this will be followed then by the RBNZ.
  • Outside of the Trump tariffs headlines from yesterday, there weren't any local headline drivers for the outperformance of the NZD vs AUD other than some positioning heading into today's data events, the AUD/NZD is 1% higher over the past month, although now trades 0.75% off the recent highs made on Monday.
  • The growing divergence between monetary polices seen as the major driver of prices recently with a 50bps cut expected from the RBNZ, with the OIS market pricing in 96.1bps of cumulative cuts by the Feb meeting, while the RBA isn't expected to cut rates until May at this stage, with only 51bps of cumulative cuts priced through to November 2025.
  • The AU-NZ 2yr swap was steady on Tuesday, trading at 53bps, just below multi-year highs of 57bps set earlier this month.
  • Today, we have AU CPI at 1130ADST
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  • The AUD/NZD fell 0.27% on Tuesday, falling back below 1.1100 to close at 1.1096, we trade little changed in early morning trading. Later this morning we have AU CPI, which is expected to show a increase to 2.3% from 2.1% prior, this will be followed then by the RBNZ.
  • Outside of the Trump tariffs headlines from yesterday, there weren't any local headline drivers for the outperformance of the NZD vs AUD other than some positioning heading into today's data events, the AUD/NZD is 1% higher over the past month, although now trades 0.75% off the recent highs made on Monday.
  • The growing divergence between monetary polices seen as the major driver of prices recently with a 50bps cut expected from the RBNZ, with the OIS market pricing in 96.1bps of cumulative cuts by the Feb meeting, while the RBA isn't expected to cut rates until May at this stage, with only 51bps of cumulative cuts priced through to November 2025.
  • The AU-NZ 2yr swap was steady on Tuesday, trading at 53bps, just below multi-year highs of 57bps set earlier this month.
  • Today, we have AU CPI at 1130ADST