Momentum in the New Zealand Dollar (NZD) continued into Wednesday against the struggling Australian Dollar (AUD) with price reaching 0.9510 (1.0515) a fresh 2022 high before the Aussie found much needed support, the currency improving to 0.9400 (1.0640) this morning. The recent strength in the kiwi has been rather tough to explain, perhaps central bank policy has been the catalyst for such a big reversal off September’s 0.8720 level to where it is today. NZ quarterly GDP ending 30 September came in a whopping 2.0% instead of the 0.8% markets were predicting shifting price in the cross to 0.9435 (1.0600) from 0.9400 (1.0640). We await Australian Job’s data later today. Buyers of Aussie should consider levels here as we don’t foresee this area holding.
The current interbank midrate is: NZDAUD 0.9404 AUDNZD 1.0624
The interbank range this week has been: NZDAUD 0.9380- 0.9510 AUDNZD 1.0515- 1.0660