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NZD: AUD/NZD Little Changed, Remains Rangebound

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  • The AUD/NZD was steady, closing down 0.01% at 1.0887 on Monday. Both the AUD & NZD benefitting from the weaker USD and higher equity markets, the cross remains rangebound between 1.0800 - 1.0900 since Aug 23.
  • The cross is trading just above both the 20 & 200-day EMA of 1.0881/84 with eyes now on 1.0900, a break here would likely see a test of 50 & 100-day EMA at 1.0915/20. To the downside support rests at the September lows of 1.0800.
  • RBA dated OIS pricing is little changed heading into year-end, with 23bps of cuts priced in. Looking further out through yo July next year we have 110bps of cuts priced in, in contrast to 229bps in NZ & 244bps in the US.
  • The AU-NZ 2yr swap spread rose 1bps on Monday to close at 3bps.
  • Expiries: 1.1150 ($304.94m), 1.1100 ($376.2m), 1.1025 ($299.32m) for Sept 17
  • The calendar is empty today
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  • The AUD/NZD was steady, closing down 0.01% at 1.0887 on Monday. Both the AUD & NZD benefitting from the weaker USD and higher equity markets, the cross remains rangebound between 1.0800 - 1.0900 since Aug 23.
  • The cross is trading just above both the 20 & 200-day EMA of 1.0881/84 with eyes now on 1.0900, a break here would likely see a test of 50 & 100-day EMA at 1.0915/20. To the downside support rests at the September lows of 1.0800.
  • RBA dated OIS pricing is little changed heading into year-end, with 23bps of cuts priced in. Looking further out through yo July next year we have 110bps of cuts priced in, in contrast to 229bps in NZ & 244bps in the US.
  • The AU-NZ 2yr swap spread rose 1bps on Monday to close at 3bps.
  • Expiries: 1.1150 ($304.94m), 1.1100 ($376.2m), 1.1025 ($299.32m) for Sept 17
  • The calendar is empty today