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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.
AUDNZD
AUD/NZD has firmed after the Australian unemployment rate held steady at 3.5%, an uptick to 3.6% had been expected. The pair is ~0.2% firmer and sits a touch under $1.08 which has emerged as a key level for bulls.
- Rate differentials, observed via 2-year swap rates, continue to narrow. We now sit at -145bps having printed at -161bps, a cycle low, last week.
- Since breaking below $1.08 in early March bulls have been unable to sustain a break above the handle. Bulls look to close above $1.08 and target the 200-Day EMA at $1.0872.
- Bears first look to break the 20-Day EMA ($1.0737) from here they target 2023 lows at $1.0588.
Fig 1: AU NZ 2 Year Swap v AUD/NZD Daily Spot
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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