The New Zealand Dollar (NZD) came off a fresh 11 week high of 0.9375 (1.0670) midweek against the Australian Dollar (AUD) snapping lower on worse than expected 4th quarter GDP. Expectations of a -0.2% number was monstered by a surprise -0.6% figure sending the kiwi retreating across the board. The cross was soon at 0.9260 (1.0800) assisted by an improved Australian Jobs number print. Unemployment dropped from 3.6% to 3.5% highlighting the RBA still has a way to go to suppress high inflation and strong economic growth. Chances of an interest rate rise from 3.6% now highly likely at the 4th April policy meeting. The long range forecast of the cross heading into 2024 looks now to be poised to possibly fall into the high 80’s sooner than expected.
The current interbank midrate is: NZDAUD 0.9301 AUDNZD 1.0741
The interbank range this week has been: NZDAUD 0.9260- 0.9369 AUDNZD 1.0673- 1.0798