New Zealand Unemployment data pushed the New Zealand Dollar (NZD) to 0.9210 against the Australian Dollar (AUD) midweek but it wasn’t able to hold this area falling back to 0.9140 Thursday. The risk rally we have seen over the week has been more Aussie supportive, with decent rallies in commodities and Iron Ore firming above 124.50. Next week’s RBA cash rate will be key to direction either way, the central bank expected to hike 25 points from 4.10% to help rein in inflation currently sitting at 5.6% y/y. Support at 0.9145 may not hold.
The current interbank midrate is: NZDAUD 0.9162 AUDNZD 1.0902
The interbank range this week has been: NZDAUD 0.9139- 0.9231 AUDNZD 1.0842- 1.0941