October 17, 2024 01:03 GMT
AUDNZD: AUD/NZD Rises On Employment Beat, AU-NZ 2yr Swaps At New Highs
AUDNZD
- AUD/NZD has jumped 0.25% higher to 0.1040, underperforming the move in AUD/USD. The cross remains trading with Wednesday's ranges for now.
- There could be further upside for the cross following NZ CPI falling to multi-year lows on Wednesday, which saw RBNZ dated OIS price in 100bps of cuts across the next two meetings, while RBA dated OIS is now pricing 7.8bps of cuts across the next two meetings.
- The cross found support at 1.1006 (61.8% of the July 30-Sep 6 move), with a break back above 1.1050 needed to resume the upward trend, key resistance is seen at 1.1100, with a break here opening a move to test yearly highs at 1.1144 (July 29 highs).
- The AU-NZ 2yr swap is 9bps higher at 41bps, and trading just below the 2013 highs of 44bps.
Chart. AUD/NZD vs AU-NZ 2yr Swap
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