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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 fell ~0.6% yesterday, the pair has fallen ~1.4% since printing its highest level since early February last week.
- The pair was unable to sustain a break of $1.09, softer commodity prices weighed yesterday seeing losses extend through the 200-Day EMA ($1.0866) and we now sit a touch below the 20-Day EMA ($1.0797) and the $1.08 handle.
- Rate differentials, observed via 2-year swap rates, have continued to tick away from cycle lows observed early in April at -165bps. We now sit at -132bps.
- Bulls target a break of the 200-Day EMA at $1.0866 opening the high from Apr 21 at $1.0931. Bears first look to break year to date lows at $1.0588.
- The next risk event is today's Australian CPI print for Q1 and March which is expected to show that inflation peaked in Q4 last year. Headline is forecast to rise 6.9% Y/Y (Q1) and 6.5% Y/Y (March), the MNI preview ishere.
Fig 1: AUD/NZD Daily Spot, EMAs
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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