The Australian Dollar (AUD) grew another leg higher this week as we expected, flying past resistance at 1.1025 (0.9070) against the New Zealand Dollar (NZD) on its way to post 1.1110 (0.9000) as I write. The RBNZ left the interest rate on hold at 5.5%, no surprise there but with a less than hawkish slant to future policy and the possibility of an extra cut this year possibly in August the NZD was massacred. The kiwi easily the worst performing currency of the main G10 group this week. Selling pressures remain for the NZD passing the 2024 low at 1.1085 (0.9020) we are now clearly in thin air. Buyers of AUD should consider.
The current interbank midrate is: NZDAUD 0.8994 AUDNZD 1.1107
The interbank range this week has been: NZDAUD 0.8997- 0.9122 AUDNZD 1.0962- 1.1114