The Australian Dollar (AUD) has outperformed the New Zealand Dollar (NZD) this week extending its long-term bull run from previous months pushing through key support at 0.9000 (1.1100) reaching 0.8960 (1.1160) today the lowest level in the cross since October 2017. The Reserve Bank of Australia hiked their interest rate 50 points in a surprise move to 0.85% with most predictions of a 25-point move. A hawkish tone from Governor Lowe should keep the pressure on the kiwi for a while especially given the RBA is expected to hike again another 50 points at their July policy meeting. Next week’s Aussie employment figures and NZ growth (GDP) q/q read are the calendar highlights with growth forecast to come in at 3.0% for the first quarter 2022. Trend is your friend they say- buyers of AUD should consider around 0.9000 levels.
NZD/AUD pair this week:
The current interbank midrate is: NZDAUD 0.8965 AUDNZD 1.1143
The interbank range this week has been: NZDAUD 0.8958- 0.9487 AUDNZD 1.1054- 1.1162