The Australian Dollar (AUD) has extended its hold over the New Zealand Dollar (NZD) over the week, posting 1.0870 (0.9200) this morning, a November 2023 high. After starting the week out at 1.0780 (0.9280) the kiwi hasn’t got a look in. A combination of an RBA holds at 4.35% with the central bank saying the war on inflation isn’t over yet, a push higher in Iron ore pricing and the NZ economy dropping into a formal recession all assisting the AUD. NZ GDP printed at -0.1% after a -0.3% read in the September quarter surprising markets. The AUD now targets resistance of 1.0930 (0.9150) on the chart.
The current interbank midrate is: NZDAUD 0.9195 AUDNZD 1.0866
The interbank range this week has been: NZDAUD 0.9193- 0.9309 AUDNZD 1.0742- 1.0877