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Rate Differentials Marginally Widen Post CPI

AUDNZD

AUD/NZD prints at $1.0690/1.0700, ~0.3% softer today. The pair was pressured in the aftermath of the Australian CPI print, the February CPI came in at 6.8% Y/Y below the expected 7.2% Y/Y.

  • Rate differentials, observed via 2 year swaps, have ticked marginally lower after the print. Currently sit at -142bps down ~4bps today, we do however remain off cycle lows of -160bps seen earlier this month.
  • Technically the pair remains in a downtrend, the 20-Day EMA ($1.0762) has provided upside resistance in recent dealing.
  • Bears look to break 2023 lows at $1.0667, to target 2022 lows at $1.0471.
  • Bulls first look to break $1.08 to target the 200-Day EMA at $1.0888.
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