RBA and Melbourne Cup Day. The RBA is expected to hike interest rates from 4.10% to 4.35% later today after a 4-meeting pause. The New Zealand Dollar (NZD), Australian Dollar (AUD) cross has been bouncing around recent levels circa 0.9215 (1.0850) this week after falling to 0.9140 (1.0940) last week as risk flow benefited the AUD. The RBA efforts are to achieve a 2-3% inflation target by the end of 2025 and today they may signal further hiking if they see it necessary. In other key data is NZ quarterly inflation expectations Wednesday, anything above 2.83% could send the kiwi higher. No 1 is our pick in the Cup at 5.05 NZT
Current Level: 1.0882
Resistance: 1.0940
Support: 1.0820
Last Weeks Range: 1.0842 – 1.0941