The New Zealand Dollar (NZD), Australian Dollar (AUD) is still pivoting around 0.9210 (1.0860) as the cross closes another week of range bound action. The RBA kept rates on hold at 4.10% Tuesday, the third month running but reiterated they will keep options open for the possibility they may need to hike down the track if inflation and wages remain stubborn over the second part of the year. Certainly, next week’s Aussie employment data will give us more clues as to what we could expect. Also of note were comments from the RBA that China was entering a period of downturn which could transpire into less raw materials being required from Australian mining. This could rub off on exports/inflation and AUD ahead.
The current interbank midrate is: NZDAUD 0.9218 AUDNZD 1.0836
The interbank range this week has been: NZDAUD 0.9188- 0.9233 AUDNZD 1.0830- 1.0883