The New Zealand Dollar (NZD), Australian Dollar (AUD) ticked higher over the week from 0.9050 (1.1050) to reach 0.9120 (1.0965) midweek before the kiwi gave back gains into Friday to 0.9075 (1.1020). Australian CPI y/y came in at 2.8% dropping a whopping 1% from 3.8%, the lowest reading since Q1 2021 with declines mainly in electricity and fuel prices. Aussie Retail Sales came in light at 0.1% compared to 0.3% dropping the AUD marginally. Next week’s RBA cash rate should bring a “hold” at 4.35% and not really create any fanfare. The release could we be overshadowed by Melbourne Cup and US Presidential Elections. One would expect if anything, the AUD could retest 0.9010 (1.1100) over the coming days.
The current interbank midrate is: NZDAUD 0.9081 AUDNZD 1.1009
The interbank range this week has been: NZDAUD 0.9046- 0.9122 AUDNZD 1.0962- 1.1054