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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUDNZD
AUD/NZD has recovered from its lowest level since late January, the pair tested the $1.08 handle, before firming in recent sessions.
- Rate differentials continue to widen, 2-Year AU NZ differentials have widened ~17bps in March. Outright levels now sit at -134bps, back to late Jan lows.
- Technically the 20-Day EMA ($1.0908) has crossed the 200-Day EMA ($1.0911), pointing to more potential for downside, see the chart below.
- Bears look to break the $1.08 handle, opening up the 2023 low at $1.0708. Bulls target 2023 high at $1.1088.
- Today's RBA meeting presents the next risk event for the pair, our preview is here. The RBA is expected to raise the cash rate 25bps at today's meeting. The focus is likely to be on the tone of the statement and indications of how the RBA's economic forecasts may have evolved, particularly in light of recent softer data outcomes in Australia.
Fig1: AUD/NZD Daily Spot, EMAs
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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