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ASIA: AUD/NZD Held Steady On Friday, Continues To Trade In Recent Range

ASIA
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  • AUD/NZD fell 0.04% on Thursday to 1.1060 and remains trading within the past 3 month range of 1.1000-1.1100, while the AU-NZ 2yr swap remains trading near its highest levels for the past year.
  • The USD traded higher on Friday, rising for a fourth day, reaching its highest level since Nov. 2022 after the December US jobs report exceeded estimates by a wide margin. The NZD and AUD were the worst performing G10 currencies on Friday.
  • Initial resistance is 1.1100 (round number), with a break here opening a move to 1.1150 (July Highs), to the down side a break below 1.1055 (20-day EMA), would open a move to retest 1.1000 which has acted a key support for the past 3 months.
  • RBNZ dated OIS currently pricing in 49bps of cuts at the Feb meeting, while RBA Dated OIS is pricing in a 71% chance of a 25bps cut in Feb.
  • Melbourne Institute Inflation & ANZ-Indeed Job Advertisements are out a bit later this morning.
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  • AUD/NZD fell 0.04% on Thursday to 1.1060 and remains trading within the past 3 month range of 1.1000-1.1100, while the AU-NZ 2yr swap remains trading near its highest levels for the past year.
  • The USD traded higher on Friday, rising for a fourth day, reaching its highest level since Nov. 2022 after the December US jobs report exceeded estimates by a wide margin. The NZD and AUD were the worst performing G10 currencies on Friday.
  • Initial resistance is 1.1100 (round number), with a break here opening a move to 1.1150 (July Highs), to the down side a break below 1.1055 (20-day EMA), would open a move to retest 1.1000 which has acted a key support for the past 3 months.
  • RBNZ dated OIS currently pricing in 49bps of cuts at the Feb meeting, while RBA Dated OIS is pricing in a 71% chance of a 25bps cut in Feb.
  • Melbourne Institute Inflation & ANZ-Indeed Job Advertisements are out a bit later this morning.