Snooze you lose. This week’s moves have been more of the same- with the Australian Dollar (AUD) euphoric agst the New Zealand Dollar (NZD), the cross posting 0.8800 (1.1360) as we mentioned earlier in the week, a possible retest of this level. Markets seem biased in their opinions that the Australian economy is holding up better, the indicators aren’t so warm to the idea, perhaps a little “risk mood” could be affecting investor views. Next week’s calendar is thin with just Orr speaking on Friday. I dare say more of the same could be in store over the coming week. Buyers of AUD should consider options.
The current interbank midrate is: NZDAUD 0.8794 AUDNZD 1.1361
The interbank range this week has been: NZDAUD 0.8795- 0.8937 AUDNZD 1.1189- 1.1369