NZ Waitangi Day holiday made for a slow start to the Australian Dollar (AUD), New Zealand Dollar (NZD) cross as it bounced around the 0.9330 (1.0720) zone. The Reserve Bank of Australia (RBA) released their cash rate Tuesday with no change from 4.35% widely anticipated. May’s early forecast for a rate cut in May could have been a tad optimistic with the central bank not ruling out 1 more hike based on stubbornly high inflation at 4.1%. The Aussie fell apart post the news dropping to 1.0640 (0.9400) where it sits early Friday at fresh yearly lows as investors exited the AUD. NZ Jobs data reflected a small rise to unemployment from 3.9% to 4.0% supporting the kiwi moves. We could see the cross push higher through 0.9400 (1.0640) into the close however 0.9425 (1.0610) should offer reasonable resistance.
The current interbank midrate is: NZDAUD 0.9384 AUDNZD 1.0648
The interbank range this week has been: NZDAUD 0.9310- 0.9402 AUDNZD 1.0635- 1.0741