FX News

NZD/AUD Transfer:

The cross rate reached 0.9400, following the RBNZ surprise and hawkish 50 basis point rise in early April. The RBNZ was in direct contrast to the RBA, who hit the ‘pause button’ on rate rises at their last meeting. The RBA is meeting again today and expected to hold rates, although stubborn inflation would mean a resumption in rate rises, would not be a great surprise. The interest rate differential supports the NZD, but these can change quickly and the higher NZ rates also reflect risk. Recessionary fears have also driven commodity prices lower, as global commodity demand faulters.

Current Level: 0.9310 (1.0741)
Resistance: 0.9380 (1.0660)
Support: 0.9250 (1.0810)

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