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Resistance Ahead of $1.10; Gov. Lowe, GDP On Tap

AUDNZD

AUD/NZD firmed ~0.7% yesterday after the RBA raised the cash rate 25bps, the pair last prints at $1.0970/75.

  • Resistance was seen yesterday ahead of $1.10 handle, AUD/NZD printed a high of $1.0992 which was the highest level in the cross since 23 Feb before gains were marginally pared.
  • Rate differentials, observed via 2 year swaps, sit at their narrowest since late February at -110bps. We had been as wide as -165bps in late May.
  • Bulls now look to break yesterday's high ($1.0992) which opens $1.1088 the year to date high.
  • On the downside bears first target is the 200-Day EMA ($1.0833).
  • Q1 GDP from Australia is on tap this morning, a 2.4% Y/Y rise is expected. Before then RBA-speak from Gov. Lowe crosses, with Deputy Gov. Bullock also on the wires.
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