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Fades From 1.1400 Test

AUDNZD

AUD/NZD has tracked lower through the session, albeit comfortably within recent ranges. The pair is off around 0.35% from closing levels last week. Some support is evident sub 1.1320, with the pair last tracking at 1.1325. A recovery in US equity futures from early session lows has helped NZD relative to AUD, although we are still in the red for the session from an equity market standpoint.

  • Yield performance is also skewed more in NZD's favor, back to -93bps on a 2yr swap spread basis. This continues to the trend from last week.
  • Until we see a break out of recent ranges though, recent lows were under 1.1250, while highs at 1.1375, the market may continue to range trade the pair.
  • The data calendar swings back into gear tomorrow, with ANZ's Truckometer and card spending data out in NZ, while CBA's household spending indicator will print in Australia.

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