The big mover this week has been the Australian Dollar (AUD), appreciating over most major currency pairs and outperforming the New Zealand Dollar (NZD) to 0.8930 (1.1200). It’s been a while since we have seen such a decisive move by the AUD, extending last week’s push from 0.9090 (1.1000) to the September 2015 current level. NZ Retail Sales q/q printed down on expectations at -2.3% vs 1.7% expected putting the kiwi under pressure. Omicron knocked consumer spending in the first half of the year raising prospects of a pending recession. Sellers of AUD should consider at current levels, anything under 0.9000 historically is considered fantastic levels.
The current interbank midrate is: NZDAUD 0.8915 AUDNZD 1.1211
The interbank range this week has been: NZDAUD 0.8915- 0.9030 AUDNZD 1.1074- 1.1217