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Fresh YTD Low On Friday, Rate Differentials Widen

AUDNZD

AUD/NZD printed a fresh year to date low on Friday at $1.0584 as rate differentials widened with the RBNZ coming into view. The pair currently sits a touch above the $1.06 handle.

  • Rate differentials, observed via 2 year swap rates, have widened to -162bps having been as narrow as -129bps last week. We sit a touch above cycle lows of -165bps.
  • Bears have held below the 20-Day EMA ($1.0689) after breaking below the measure last week. A break of $1.0584, Friday's low, opens up 2022 lows at $1.0471.
  • On the upside bulls look to break the 20-Day EMA to target the 200-Day EMA at $1.0835.
  • The highlight of the week is Wednesday's RBNZ meeting, the bank is expected to lift the OCR 25bps to 5.50%. Across the Tasman tomorrow May PMI's provide the Australian calendar's highlight.
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