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Pressured As Rate Differentials Widen

AUDNZD

AUD/NZD fell ~0.5% yesterday, weaker equities and commodities weighed on the AUD. A reminder Kiwi was supported by firmer than forecast NZ GDP which crossed early in yesterday's session.

  • In early dealing on Friday we sit at $1.0805/10.
  • Rate differentials, observed via 2-Year Swaps, sit at their widest level since mid-August last printing at -138bps.
  • We now sit below key EMAs as bears look to establish a downtrend. The immediate focus is on a move below $1.08 to target $1.0726 (14 Jul low) and YTD lows ($1.0560).
  • On the upside bulls look to recover above the 200-Day EMA ($1.0844), this opens the high from 18 Sep ($1.0923), $1.10 handle and YTD highs ($1.1088).
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