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Highest Level Since Late September

AUDNZD

AUD/NZD firmed to its highest level since 20 September yesterday as the AUD was aided by moderate equity strength and a rise in metals as China is set to approve ~1TN Yuan sovereign debt issuance in an effort to stimulate infrastructure spending.

  • In early dealing on Wednesday we sit at $1.0875/80, ~2.5% above levels seen in mid-October.
  • Rate differentials, observed via 2-Year swaps, sit at their narrowest since July at -112bps.
  • Bulls now target $1.0923, the high from 18 Sep and the $1.10 handle. A break through here opens YTD highs ($1.1088) and high from 18 Oct 22 ($1.1207).
  • On the downside bears break below the 200-Day EMA ($1.0824) and the 20-Day EMA ($1.0760). This opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
  • A reminder that Q3 CPI is due in just over 90 minutes, headline CPI is expected to tick lower to 5.3% Q/Q from 6.0% Q/Q.
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