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Narrow Ranges Persist, Australia Retail Sales On Tap

AUDNZD

AUD/NZD continues to sit in a $1.08/09 range, there have been little follow through on moves and 1 week implied volatility sits at its lowest level since September 2022.

  • The pair is marginally firmer in early dealing and sits at $1.0845/50.
  • Rate differentials, observed via 2-Year Swaps, remain stable and sit at -131bps. We had been as wide as -145bps in mid-August.
  • Bulls look to target a break of the high from 15 Aug ($1.0895), this opens the $1.10 handle and YTD highs ($1.1088).
  • On the downside, bears target a move through the $1.08 handle opening up $1.0726 (14 Jul low) and YTD lows ($1.0560).
  • July Retail Sales from Australia are on tap today, a rise of 0.2% M/M is expected.
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