The Australian Dollar (AUD) continues to slide lower across the board, against the New Zealand Dollar (NZD) we have seen it clock 0.9495 (1.0530) this week post the RBA release Wednesday a new 2022 high. However, a move through 0.9500 wasn’t to be in morning trade with the cross back at 0.9450 (1.0580). Recent RBA action saw the central bank increase their cash rate 25 points to 3.25% with a hawkish leaning undertone but recent data including this week’s Australian quarterly growth +0.6% vs +0.7% reflects the view inflation and cash rates are far from anticipated peaks. Next week we have NZ q/q GDP and Australian unemployment. We expect the kiwi to remain well supported into Christmas.
Current Level: 0.9440 (1.0585)
Resistance: 0.9710 (1.0900)
Support: 0.9175 (1.0300)
Last Weeks Range: 0.9244-0.9454 (1.0577-1.0817)