The Australian Dollar (AUD) has outperformed the New Zealand Dollar (NZD) over the week with price reaching 0.9175 (1.0900) from early week’s 0.9260 (1.0800) area. Aussie job numbers boosted the AUD after publishing up on expectations. The Unemployment rate remains the same at 3.7% but the participation rate rose from 66% to 67% along with the change in the number of fresh folks employed up 64,000 after 25,000 was expected. Next week’s second quarter GDP will publish, expected to print around the -0.1% area confirming the NZ economy is still in a shallow recession. We see decent support around 0.9160 (1.0920) as the cross resumes the 7-week bear trend from 0.9320 (1.0730)
The current interbank midrate is: NZDAUD 0.9175 AUDNZD 1.0890
The interbank range this week has been: NZDAUD 0.9175- 0.9241 AUDNZD 1.0821- 1.0899