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Narrow Ranges Persisting, Rate Differentials Widen, Data Docket Light

AUD

Narrow ranges are persisting in AUD/NZD, moves have had little follow through in recent dealing and the $1.07/09 range seen since mid-June remains intact.

  • The cross is little changed in early dealing on Monday and last prints at $1.0815/20.
  • Rate differentials, observed via 2 Year Swaps, have ticked wider and sit at their widest level since late May.
  • Bears look to break the low from 17 Aug ($1.0780), this opens the low from 17 July ($1.0725) and 2023 lows ($1.0560).
  • On the upside bulls immediate focus is on the 200-Day EMA ($1.0839) and the high from 26 Jul ($1.0934).
  • The Antipodean data docket is light this week with just Australia's preliminary read of Judo Bank Mfg and Services PMI for August due.
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