The New Zealand Dollar (NZD) has edged higher over the week through 0.9150 levels into Friday against the Australian Dollar (AUD) reaching 0.9168 (1.0910) last week’s high. As we speculated the midweek Aussie buzz ended with pull backs in equity markets and poor local data leading declines, however with the hawkish RBA stance reiterated in this week’s central bank minutes we should see the AUD improve in the midterm. NZ Retail Sales this morning came in at -1.2% slightly worse than expected, the kiwi unmoved over the release. On the economic docket next week, we have Australian CPI y/y which could tick marginally lower from 3.8%
The current interbank midrate is: NZDAUD 0.9159 AUDNZD 1.0913
The interbank range this week has been: NZDAUD 0.9064- 0.9168 AUDNZD 1.0907- 1.1032