FX News

NZD/AUD Transfer:

The Australian Dollar (AUD) recovered losses this week to trade back around the 3-week high of 1.075 (0.9300) against the New Zealand Dollar (NZD) despite the Aussie underperforming against other main currencies. The kiwi has by far been the poorest performer over the week contributing from a dovish RBNZ read. The RBNZ hiked interest rates to 5.50% from 5.25% Wednesday as predicted, however Governor Orr’s “shock” statement signalling he was done raising rates provided that incoming data shows inflation pressures are easing spooked markets. Looking ahead we have Lowe speaking midweek otherwise a thin calendar. We don’t expect the cross to travel much lower in the short term- perhaps a good time to sell AUD before the kiwi bounces.

The current interbank midrate is: NZDAUD 0.9312 AUDNZD 1.0733
The interbank range this week has been: NZDAUD 0.9298- 0.9471 AUDNZD 1.0558- 1.0755

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