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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 sits a touch off its highest level since late February as recent gains are consolidated, the pair now sits ~4.7% above year to date lows seen in late May.
- Rate differentials, observed via 2 year swaps, rose to their narrowest level since early October 2022 before widening a touch to sit at -82bps. We had been as wide as -165bps in late May.
- The pair has observed a $1.0950/1.1050 for the most part in recent dealing, bulls look to target a break of yesterday's high $1.1056 which opens the year to date high at $1.1088 and $1.1173 a Fibonacci projection.
- Bears target the 20-Day EMA at $1.0932 to turn the upward momentum.
- On the wires today we have RBA minutes of the June Policy Meeting, as well as RBA-speak from Deputy Governor Bullock and RBA Assistant Governor Kent.
Fig 1: AU NZ 2 Year Swap vs AUD/NZD Daily Spot
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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