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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.
AUD
- Weakness for equities this week and associated safe haven demand has worked against AUDUSD. Price action sees the pair slip back below the prior breakout level at 0.6715, a potentially bearish development if we were to see a weekly close below this mark.
- A deeper retracement lower would place the focus on 0.6666, the 50-day EMA and then 0.6576, the Jun 10 low and a key support.
- This AUD turnaround comes despite stronger-than-expected employment numbers from Australia this week, and the underlying hawkish RBA continues to be most noticeable for AUD against its antipodean counterpart. AUDNZD is consolidating back above 1.1100 and looks set to post its fifth consecutive weekly advance.
- We highlight the most recent AUDNZD outperformance has been driven by a narrowing in the NZ-AU 3-month swap rate 1-year forward (1Y3M) spread, which has narrowed more than 190bps since its cyclical high in mid-2023. Moreover, today’s level of -18bps for the NZ-AU 1Y3M leaves it at its lowest level since September 2020.
- Flash manufacturing and Services PMIs highlight a quiet domestic calendar next week.
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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