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Briefly Deals Below $1.08, Australia Labor Market Report Headlines Week

AUDNZD

AUD/NZD briefly dealt below the $1.08 handle in early dealing on Monday amid thin liquidity, the cross has pared losses and now sits unchanged from Friday's closing levels at $1.0840/45.

  • The pair currently sits on its 20-Day ($1.0845) and 200-Day ($1.0841) EMA's.
  • Bulls look to target a break of the high from 31 Aug ($1.0897), this opens the $1.10 handle and YTD highs ($1.1088).
  • On the downside, bears target a move through the $1.08 handle opening up $1.0726 (14 Jul low) and YTD lows ($1.0560).
  • Rate differentials, observed via 2-Year Swaps, sit well within recent ranges at -129bps. We had been as wide as -144bps in mid-August.
  • 1-Month Implied Volatility now sits at its lowest level since August 2022, last printing at 5.215%.
  • The highlight of the week's data docket is Thursdays Australian Labour Market Report, headline unemployment rate is currently expected to hold steady at 3.7%.
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