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Prints Lowest Since Late May, Data Dockets Relatively Light

AUDNZD

AUD/NZD printed its lowest level since late May amid thin liquidity this morning as the market digested the Hamas/Israel conflict.

  • Losses have been pared and we sit unchanged from Friday's closing levels at $1.0660/65.
  • Rate differentials sit at the base of the recent range at -144bps, however we remain well above May's cycle lows of -166bps.
  • Technically the pair sits in a downtrend, bears target a break of the $1.06 handle which opens the low from 22 May ($1.0560) and the 2022 low ($1.0471.
  • To turn the tide bulls look to break the high from 4 Oct ($1.0723) which opens the 20-Day EMA ($1.0751) and the 200-Day EMA ($1.0831).
  • The data docket in Australia and NZ is relatively light this week. From Australia we have Westpac Consumer Confidence and the NAB Business Survey tomorrow, CBA Household Spending Survey on Wednesday and Thursdays Consumer Inflation Expectations round off the docket.
  • From New Zealand on Thursday September Food Prices cross before Business NZ Mfg PMI and Card Spending round off the docket on Friday.
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