The Australian Dollar (AUD) extended moves higher over the week against the New Zealand Dollar (NZD) reaching 1.0945 (0.9135) before falling back earlier this morning to 1.0900 (0.9175) numbers. Thursday’s NZ GDP followed by Aussie job’s data yesterday set the stage for a volatile few hours. NZ GDP initially improved the kiwi to 1.0875 (0.9195) with a print better than expected at -0.2% holding above forecast at -0.4% with stats blaming retail spending, accommodation and food services. Australian jobs numbers ticked up along with unemployment remaining stable at 4.2% boosting the AUD and confirming the RBA won’t cut rates at next week’s policy meeting. We see a push through support at 0.9130 (1.0950) over the coming days as the Aussie builds more momentum.
The current interbank midrate is: NZDAUD 0.9153 AUDNZD 1.0925
The interbank range this week has been: NZDAUD 0.9137- 0.9206 AUDNZD 1.0862- 1.0944