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Narrow Ranges Persisting, RBNZ In View

AUDNZD

AUD/NZD continues to sit in a narrow range, there has been little follow on moves and the local dockets have been thin. The $1.08/09 range seen since early November remains intact.

  • In early dealing on Thursday we sit little changed from opening levels at $1.0860/70.
  • Rate differentials, observed via 2-Year Swaps, sit at -70bps a touch off the narrowest level since Sep 2022 seen on Monday (-66bps).
  • Bulls look to break the $1.09 handle to target the high from 2 Nov ($1.0945), $1.10 handle, YTD highs ($1.1088) and high from 18 Oct 22 ($1.1207).
  • On the downside bears focus on a break of the low from 10 Nov ($1.0779) which opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
  • Looking ahead, the next major macro event of the cross is next Wednesday's RBNZ OCR rate decision.
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