Choppy conditions in the New Zealand Dollar (NZD), Australian Dollar (AUD) cross saw price pivot around 0.9090 (1.1000) levels for most of the week, the kiwi avoiding the 0.9000 support area for another week and looks robust. NZ Inflation expectations held at 3.29% out two years, the RBNZ wont to bothered by these numbers and could re-evaluate their tightening lower than forecast over the coming months. This will give more weighting to a soft economic “come down” rather than a potential recession which is brewing. Next week’s key print is Aussie jobs data Thursday. Sellers of AUD should consider these current levels with the RBNZ statement due late May.
The current interbank midrate is: NZDAUD 0.9084 AUDNZD 1.0998
The interbank range this week has been: NZDAUD 0.9041- 0.9124 AUDNZD 1.0960- 1.1060