Diverging central banks have seen the New Zealand Dollar (NZD) push higher to 0.8980 (1.1140) in early day trading, recouping the last 4 weeks of losses against the Australian Dollar (AUD). The kiwi seeing fresh support from the RBNZ’s ongoing tightening cycle compared with the RBA’s plan to hike interest rates just once more. A slump in iron ore prices hasn’t helped the Aussie of late, the commodity falling to 96.50 per tonne, the lowest in nearly 11 months. Key standouts on the calendar next week are Australian Jobs data and NZ Inflation q/q. Retesting the 0.9000 zone is a possibility prior to the weekly close.
The current interbank midrate is: NZDAUD 0.8951 AUDNZD 1.1171
The interbank range this week has been: NZDAUD 0.8807- 0.9000 AUDNZD 1.1111- 1.1354