Mid-week action saw the New Zealand Dollar (NZD) extend its run against the Australian Dollar (AUD), the cross reaching 0.9325 (1.0725) before pulling back hard in overnight markets breaking past 0.9295 (1.0760) bull channel support on its way to clock 0.9276 (1.0780) as I write. We aren’t convinced the Aussie support will dominate into the weekly close, if we see the AUD outperform it may be limited to the 0.9260 (1.0800) zone. Both the RBA and RBNZ meet next week, both are predicted to leave rates on hold and possibly signal when their last interest rate hikes will take place.
The current interbank midrate is: NZDAUD 0.9277 AUDNZD 1.0776
The interbank range this week has been: NZDAUD 0.9250- 0.9328 AUDNZD 1.0720- 1.0810