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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUDNZD
AUD/NZD is consolidating in narrow ranges above $1.10 after breaking above the handle last week post the RBA rate hike.
- Any dips below the $1.10 handle have been brief and resistance has come in above $1.1040. We last print at $1.1020/30.
- Rate differentials, observed via 2-Year Swaps, sit at -100bps this is the narrowest since late February. We were as wide as -165bps in late May.
- Now that the $1.10 handle has been cleared bulls target YTD highs at $1.1088, a break through here opens $1.1150 a Fibonacci projection.
- On the downside bears first target the low from 6 June ($1.0884).
- Data wise the highlights this week cross on Thursday, from Australia we have the May Labor Market Report and New Zealand's Q1 GDP crosses.
Fig 1: AUD/NZD vs Au NZ 2 Year Swap
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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