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Winning Streak Extends to 12 Consecutive Sessions

AUDNZD
  • The rally in AUD/NZD spot persists, hitting a new high at 1.1010 in recent trade - making for 12 consecutive sessions of higher highs for the cross. The 4% rally off the mid-May lows has cleared the April high and now targets 1.1088 (Feb20 high) for direction.
  • Diverging rate expectations clearly the driver here, as the contrasting RBA/RBNZ approach underpins the cross rally.
  • Hedging markets have been highly active alongside the spot rally: today's AUD/NZD options volume has already cleared the daily average thanks to the sizeable interest in upside protection. 1.1050 call strikes have already seen over A$1bln in notional interest across late Asia/early European trade.
  • Shorter-dated options trades are evident, typified by a 1.0850/1.1050 call spread trading at the European open - position expires at the end of June and remains profitable with spot above ~1.0980.
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