FX News

NZD/AUD Conversion:

The New Zealand Dollar (NZD) slumped to 0.8888 (1.1250) in early week trading against the Australian Dollar (AUD) recovering from the NZ quarterly GDP release to 1.1185 (0.8940). GDP printed at 1.7% for the second quarter after 1.0% was predicted, the economy bouncing back from first quarter numbers at -0.2% as NZ came out of covid lockdowns and tourism improved. Households spent more on hospitality and accommodation however overall consumer spending looks to be slowing. Aussie employment data came in benign with the Unemployment Rate ticking higher to 3.5% from 3.4% and the participation rate maintaining near record highs around 67%. The Aussie has had the upper hand in Friday trading with the cross around 0.8908 (1.1222). Key 0.8820 (1.1340) suggests a 7 year low, we wouldn’t bet against this materialising.

The current interbank midrate is: NZDAUD 0.8898 AUDNZD 1.1233
The interbank range this week has been: NZDAUD 0.8884- 0.8942 AUDNZD 1.1182- 1.1256

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