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Eyes YtD Highs

AUSSIE-KIWI

AUD/NZD has added 9 pips thus far and sits at NZ$1.0983, as the Kiwi underperforms its G10 peers at the margin. Little in the way of local developments to drive the move.

  • The rate remains confined to last week's range. Bulls look to take out Aug 18/YtD high of NZ$1.1044, which would put them in the driving seat and bring 2018 high of NZ$1.1175 into view. Conversely, a break under Aug 19 low of NZ$1.0930 would please bears, encouraging them to target Jun 2 high of NZ$1.0881.
  • Australian ANZ Roy Morgan Weekly Consumer Confidence Index improved to 92.7 from 88.6, with ANZ noting that "confidence was up firmly across all states except Victoria and NSW".
  • Focus turns to Australia's weekly payroll jobs and wages data & flash trade balance, due later today.
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