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NZD/USD Tests Above 0.6200, AUD/NZD Down Sharply

NZD

NZD/USD sits close to session highs (0.6208) in recent dealings, last near 0.6200, a full 1% higher versus end Tuesday levels. The kiwi is comfortably the best performer in the G10 space, with yen next best at +0.50%.

  • The hawkish RBNZ hold, which saw the OCR profile revised noticeably higher and showing no rate cut until mid 2025 has aided NZD sentiment. NZ-US 2yr swap spreads have surged to +64bps, +15bps for the session.
  • For NZD bulls, late July highs at 0.6274 may be the next upside focus point. Note the simple 200-day MA comes in at 0.6091.
  • AUD/NZD is also down sharply, last near 1.0750, levels last seen in mid-October. Bears will target a test back sub 1.0700. AUD is lagging somewhat the higher beta FX rally against the USD so far today, as the earlier Oct CPI miss weighed.
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