FX News

NZD/AUD Conversion

Off the weekly open the Australian Dollar (AUD) initially tracked lower to 1.11 (0.9010) levels against the New Zealand Dollar (NZD) but soon stabilised around the 1.1140 (0.8975) area where it has been most of the week. The RBA didn’t disappoint when they hiked a further 0.5% to 2.35%, the fifth consecutive hike since May as governor Low is committed to returning inflation to the 2-3% band. The path to lower inflation is a narrow window with uncertain times ahead and economic data starting to deteriorate which could lead to a faster recession if the central bank gets this wrong. Looking ahead we have NZ GDP q/q Thursday followed by Aussie employment data. The NZ economy is toying with recession, it will be a close call. Aussie buyers should keep the upper hand for a while.

The current interbank midrate is: NZDAUD 0.8971 AUDNZD 1.1138
The interbank range this week has been: NZDAUD 0.8946- 0.9007 AUDNZD 1.1102- 1.1178

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