AUD/NZD fell ~0.5% printing its lowest level since Apr 5. We now sit well below the $1.07 handle with a downtrend firmly in place, last printing at $1.0650/60.

The lingering impact of robust New Zealand employment data, which is a key focus for the RBNZ, has seen rate differentials observed via 2 year swaps widen in recent trade. Rate differentials sit at -150bps having printed as wide as -160bps in yesterday's dealing, in the aftermath of the RBA on Tuesday we were at -125bps.
On the downside bears look to target year to date lows at $1.0588, a break through here opens 2022 lows $1.0471.
Bulls first look to break the 20-Day EMA ($1.0751) to turn the tide.
On the wires today we have the RBA Statement on Monetary Policy. After the RBA’s surprise rate hike, the market will pour over the forecast update for clues about the policy outlook.

Bullet Markets Foreign Exchange News Homepage

Brendan McKeating

Bullet Markets Foreign Exchange News Homepage

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Lowest Level Since Early April, Rate Differentials Widen