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Ticks Lower On Tuesday

AUDNZD

AUD/NZD was pressured yesterday after the RBA's dovish 25bps hike yesterday, the pair fell ~0.4% and sits on the 20-Day EMA ($1.0842) in early trade today.

  • Rate differentials, observed via 2-Year Swaps, are holding close 2023 highs sitting at -79bps this morning.
  • On the downside bears break below the 20-Day EMA and the 200-Day EMA ($1.0830). This opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
  • Bulls focus on regaining the $1.09 handle, this opens the high from 2 Nov ($1.0945), $1.10 handle, YTD highs ($1.1088) and high from 18 Oct 22 ($1.1207).
  • On the wires in just over 2 hours we have RBNZ's Q4 2-Year Inflation Expectations.
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