It’s been a game of two halves in the New Zealand Dollar (NZD), Australian Dollar (AUD) cross this week with price clocking 0.8955 (1.1165) matching the November 2017 low before recovering back towards 0.9090 (1.1000) early this morning. The kiwi feared better in the wake of the federal Reserve 75-point hike announcement Thursday morning pushing back despite a poor GDP print. GDP-first quarter 2022 published at -0.2% down on expectations of 0.3% and should have weakened the NZD but had little effect. Aussie employment may have contributed to the Aussie weakness thereafter despite a rise to the employed numbers the employment rate remained unchanged at 3.9% despite consensus of a drop to 3.8%. Next week’s key data is thin on the calendar, we expect the cross to stay in its current range for a while.
The current interbank midrate is: NZDAUD 0.9029 AUDNZD 1.1061
The interbank range this week has been: NZDAUD 0.8955- 0.9070 AUDNZD 1.1025- 1.1166