The New Zealand Dollar (NZD) retreated again against the Australian Dollar (AUD) to clock 0.9070 (1.1025), dropping 9 out of the last 10 weeks. A weekly close below 0.9075 (1.1020) would register the lowest level since October 2022 for the cross. RBA’s Kearns was on the wires with hawkish comments saying the RBA has been far to timid in raising rates, Aussie dwellings approvals were a miss coming in at 1.9% vs 3.5% in March the release not able to dampen the spirits of AUD buyers. Next week’s RBA cash rate release will be interesting with a 50/50 prediction of whether the RBA will hike or hold interest rates. Buyers of AUD may want to consider current levels before the possibility the cross dropping into the 80’s.
The current interbank midrate is: NZDAUD 0.9069 AUDNZD 1.1016
The interbank range this week has been: NZDAUD 0.9069- 0.9124 AUDNZD 1.0960- 1.1026