The NZD/AUD cross rate has pushed back to 0.9200, supported by continued strong performance of the NZD. The RBA has warned that, ‘interest rates will remain elevated at these high levels for longer to combat stubborn inflation’, lending support to the AUD. The quandary the RBA finds itself in, is economic conditions remain tough in Australia, as GDP growth weakens to levels not seen since the 1990’s. The high interest rates and elevated inflation only add to pressure on the consumer.
The current interbank midrate is: NZDAUD .9220 AUDNZD 1.0820
The interbank range this week has been: NZDAUD .9165 – .9240 AUDNZD 1.0815 – 1.0905