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Dives Deeper

AUDNZD

AUD/NZD resumed losses upon the release of New Zealand's Q2 CPI data, which saw annual inflation print above the upper end of the RBNZ's target range. Meanwhile, the spectre of Australia's growing outbreak of the delta variant of the coronavirus continues to haunt AUD.

  • The rate has shed 52 pips thus far and last changes hands at NZ$1.0582, after punching through May 27 low of NZ$1.0601. The next key layer of support is located at NZ$1.0543/41, which represent the 76.4% retracement of the Dec 1, 2020 - Mar 29, 2021 rally/Feb 3 low.
  • The AU/NZ 2-Year swap spread has moved to fresh cycle lows in the wake of the data release.
  • The OIS strip now prices an ~88% chance of the OCR being raised by 25bp at the RBNZ meeting in August.
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