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AUDNZD: AUD/NZD Erases Monthly Gains Following RBNZ

AUDNZD
New ZealandBulletAPACForeign Exchange BulletsAustraliaMarkets
  • The AUD/NZD fell 0.67% on Wednesday and has now erased all the monthly gains to trade back at 1.1022.
  • The cross has now dropped 1.10% from recent highs, and is now trading right on key support at 1.1023 (50-day EMA), a break here would open a further move lower to 1.1000. Initial resistance it 1.1090/1.1100 (Nov 7/ Nov 27 highs).
  • Following yesterday's slightly weaker CPI reading, RBA dated OIS firmed slightly, the first cut is still expected in May, however there are now 30bps of cuts now priced by the meeting, up from 26bps prior. Further out the curve the market is still pricing in only a total of 53bps of cumulative cuts next year.
  • The AU-NZ 2yr swap fell 9bps on Wednesday to 44.5bps, and now trades 11bps of the Oct 30 highs.
  • Today, we have Private Capital Expenditure at 1130 AEST
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  • The AUD/NZD fell 0.67% on Wednesday and has now erased all the monthly gains to trade back at 1.1022.
  • The cross has now dropped 1.10% from recent highs, and is now trading right on key support at 1.1023 (50-day EMA), a break here would open a further move lower to 1.1000. Initial resistance it 1.1090/1.1100 (Nov 7/ Nov 27 highs).
  • Following yesterday's slightly weaker CPI reading, RBA dated OIS firmed slightly, the first cut is still expected in May, however there are now 30bps of cuts now priced by the meeting, up from 26bps prior. Further out the curve the market is still pricing in only a total of 53bps of cumulative cuts next year.
  • The AU-NZ 2yr swap fell 9bps on Wednesday to 44.5bps, and now trades 11bps of the Oct 30 highs.
  • Today, we have Private Capital Expenditure at 1130 AEST