The AUD cross rate sunk below 0.9000, following the RBNZ rate cut and affirmations that the RBA would continue to hold interest rates at elevated levels, as inflation remains stubbornly high in the Australian economy. Interest rate differentials favour the AUD, but the NZD has continued to recover from lows, rising back towards 0.9200. This price action can be afforded to the positive economic data coming from NZ and risk sentiment. The numbers point to downside on the cross-rate, back towards 0.9000.
The current interbank midrate is: NZDAUD .9225 AUDNZD 1.0830
The interbank range this week has been: NZDAUD .9150 – .9250 AUDNZD 1.0800 – 1.0950