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NZD: AUD/NZD Rises On RBA's Hunter Comments, Eyes 1.0900

NZD
Bullet
  • The AUD/NZD rose 0.53% on Wednesday to 1.0876. RBA Assistant Governor Sarah Hunter's remarks reinforced the RBA's position against near-term rate cuts, providing a boost to the AUD. She emphasized that the labor market remains tight compared to full employment, underscoring the bank’s hawkish outlook.
  • The cross is now trading back at Sep 3 levels, with the September highs of 1.0900 seen as major resistance. The cross is currently trading just below the 20 & 200-day EMA at 1.0881, while to the downside support rests at the September lows of 1.0800.
  • RBA dated OIS is little changed, with 17bps of cuts still priced through to year-end. Following the hawkish tone from RBA's Hunter on Wednesday, pricing has cooled into July next year.
  • The AU-NZ 2yr swap spread rose 4bps on Wednesday to close flat.
  • Expiries: 1.1350 ($725.88m), 1.1250 ($365.67m), 1.1200 ($500m) for Sept 16  
  • There is little on the local calendar for the remainder of the week with the next focus not until Wednesday when RBA's Jones will speach.
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  • The AUD/NZD rose 0.53% on Wednesday to 1.0876. RBA Assistant Governor Sarah Hunter's remarks reinforced the RBA's position against near-term rate cuts, providing a boost to the AUD. She emphasized that the labor market remains tight compared to full employment, underscoring the bank’s hawkish outlook.
  • The cross is now trading back at Sep 3 levels, with the September highs of 1.0900 seen as major resistance. The cross is currently trading just below the 20 & 200-day EMA at 1.0881, while to the downside support rests at the September lows of 1.0800.
  • RBA dated OIS is little changed, with 17bps of cuts still priced through to year-end. Following the hawkish tone from RBA's Hunter on Wednesday, pricing has cooled into July next year.
  • The AU-NZ 2yr swap spread rose 4bps on Wednesday to close flat.
  • Expiries: 1.1350 ($725.88m), 1.1250 ($365.67m), 1.1200 ($500m) for Sept 16  
  • There is little on the local calendar for the remainder of the week with the next focus not until Wednesday when RBA's Jones will speach.