The New Zealand Dollar (NZD), Australian Dollar (AUD) pair stuck within recent ranges over the week with a short stay at 0.9390 (1.0650) before falling back towards 0.9330 (1.0720) style levels. Iron Ore hit 156.50 per tonne and commodities posted gains supporting the Aussie. RBA’s Lowe came out hawkish suggesting a rate rise was possibly on the cards later in the year based on inflation sustainability within the target range of 2-3%. Raising rates too early could jeopardise obtaining full employment. Next week’s NZ quarterly GDP and Aussie employment numbers will be our focus with both predicting to report decent results. The AUD could have the edge over the NZD into the close.
The current interbank midrate is: NZDAUD 0.9337 AUDNZD 1.0704
The interbank range this week has been: NZDAUD 0.9287- 0.9392 AUDNZD 1.0647- 1.0767