The Australian Dollar (AUD) came off 1.0610 (0.9425) late last week to rally back to 1.0775 (0.9280) this morning. Weirdly upside moves in the New Zealand Dollar (NZD) post a 50-point hike by the RBNZ came to a screaming Halt. Investors preferring to buy the AUD with commodities and precious metal prices strengthening. Adding to the confusion has been talk by the RBA suggesting decent odds of a cut to rates by the end of the year. Australian jobs numbers print later today with all eyes on the data and how this may affect the RBA’s recent mood to pause tightening plans. Of note Australian consumer confidence reached its highest level since June 2022 and China and Australia have reached a deal which will possibly see tariffs removed on exports of barley implemented in 2020. On the chart we see price pushing above the 100-day moving average line suggesting further upside for the AUD may continue.
The current interbank midrate is: NZDAUD 0.9278 AUDNZD 1.0771
The interbank range this week has been: NZDAUD 0.9259- 0.9407 AUDNZD 1.0630- 1.0800