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Stabilizes Ahead Of Key Event Risks

AUDNZD

The AUD is seeing some stability versus NZD. The cross was last just under 1.0830. Dips towards the 1.0810 region were supported post the Asia close yesterday. Recent highs come in just above the 1.0850 level.

  • Helping sentiment at the margin in the cross this morning has been the widening of the NZ trade deficit (-NZ$2.13bn from a revised -NZ$1.696bn last month). This was a fresh record wide for the deficit in the last 12 months as well.
  • Focus will now shift to tonight's speech by RBA Governor Lowe, the title of which is “Price Stability, the Supply Side and Prosperity” (see this link to follow the speech).
  • Then tomorrow the RBNZ outcome is in focus, with a 75bps hike expected, see our full preview here.
  • At this stage, yield momentum is still favoring further downside in the AUD/NZD cross.
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