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Prints Highest Since July, Rate Differentials Continue To Narrow

AUDNZD

AUD/NZD printed its highest level since July yesterday as a strong Retail Sales print and firmer equities added a level of support.

  • The pair has held above the $1.09 handle and sits at $1.0905/10 in early trade this morning.
  • Rate differentials, observed via 2 Year Swaps, sit at the narrowest since mid July at -96bps. We were as wide as -150bps in mid-October.
  • Bulls target $1.0934, the high from 26 July and the $1.10 handle. A break through here opens YTD highs ($1.1088) and high from 18 Oct 22 ($1.1207).
  • On the downside bears break below the 200-Day EMA ($1.0828) and the 20-Day EMA ($1.0819). This opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
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