The Australian Dollar (AUD) orbited to 1.0960 (0.9355) vs the New Zealand Dollar (NZD) in this morning trading posting a fresh 9 month high and muscling past earlier resistance at 1.0920 (0.9160). The Official RBNZ Cash rate caused commotion when the central bank raised the interest rate from 1.0% to 1.5%- initially the kiwi surged to 1.0830 (0.9235) but was soon sold off unable to hold gains as dovish RBNZ communication filtered through markets. Commodity prices continue to impress, outperforming the Aussie. Today’s Australian job’s data is predicted to shine with the unemployment rate expected to come in under 4.0% the first time in well over 20 years. A weekly close below 0.9125 (1.0960) marks a January 2017 low and would signal further upside pressures in the AUD.
The current interbank midrate is:NZDAUD 0.9123 AUDNZD 1.0951
The interbank range this week has been: NZDAUD 0.9114- 0.9242 AUDNZD 1.0821- 1.0972