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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 is ~0.3% firmer this morning after a weaker than forecast Q3 employment report in New Zealand.
- The cross prints at $1.0910/15, a touch off the top of the range which has persisted since July.
- Rate differentials (observed via 2-Year Swaps) continue to narrow, pointing to more potential upside in the cross. At typing we sit at -87bps having been 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 ($1.0826). This opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
Fig 1: AUD/NZD Daily Spot vs AU NZ 2-Year Swap
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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