The Australian Dollar (AUD) extended moves higher in the second part of the week against the New Zealand Dollar (NZD) reaching 1.0840 (0.9225) in what has been the biggest single week rally by the AUD this year after it opened around 1.0640 (0.9400). The kiwi has underperformed across the board, none more than against the AUD. Australian job’s data helped the cause when the economy added fewer jobs in September, the unemployment Rate easing off 3.7% to 3.6%. Punters are now starting to forecast a rate hike at the RBA’s meeting on 7 November unless we see a proper dip in next week’s inflation report. We are seeing some consolidation around the 0.9240 (1.0820) area heading into the weekly bell.
The current interbank midrate is: NZDAUD 0.9231 AUDNZD 1.0826
The interbank range this week has been: NZDAUD 0.9224- 0.9401 AUDNZD 1.0637- 1.0841