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(U2) Solid Bounce Into the Close

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Bullish Price Structure

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Clears Key Support

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Retracement Mode

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Pullback Considered Corrective

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Regional Data In Focus

AUSSIE-KIWI

It is a data-heavy day in the Antipodes, with the release of New Zealand's GDP already behind and focus on Australia's labour market report. Kiwi growth data for Q2 provoked little to no market reaction, as New Zealand's economy shrank the most on record (-12.2% Q/Q), albeit slightly less than expected (-12.5% Q/Q) and less than forecast in the Treasury's Pre-Election Economic and Fiscal Update (-16.0% Q/Q). As focus moves to the other side of the Tasman Sea, the underlying mechanics of Australia's jobs data will be scrutinized.

  • AUD/NZD operates at NZ$1.0852, little changed on the day. The 50-DMA at NZ$1.0832 provides the initial support level and a break below there would open up Sep 3 low of NZ$1.0816, the key near-term support. On the topside, a jump above Sep 10 high of NZ$1.0936 would give bulls some momentum, exposing Sep 1 high of NZ$1.0960.
  • Head of the RBA's Domestic Markets Department Marion Kohler will give a speech today.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com

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