Sideways moves over the week have been the theme in the Australian Dollar (AUD), New Zealand Dollar (NZD) cross pivoting around the 0.9030 (1.1075) areas with no real tier 1 data publishing post Monday’s NZ Retail Sales. It has been a very risk averse week with both the kiwi and Aussie both retreating against the greenback. Next week key data is Australian GDP q/q expected to come in around 0.3% for December marking the 13th straight month of positive growth in the Australian economy. Trump’s trade tariffs on China will certainly cause fallout for Australian mining with the likes of Rio Tinto. A softening AUD is forecast.
The current interbank midrate is: NZDAUD 0.9027 AUDNZD 1.106
The interbank range this week has been: NZDAUD 0.9016- 0.9049 AUDNZD 1.1050- 1.1091