FX News

NZD to AUD Conversion

The Australian Dollar (AUD) has been rather stagnant over the week across the board, under pressure by falling commodity prices and a poor performing RMB. The New Zealand Dollar (NZD) has outperformed and has looked reasonably solid in the wake of our midweek RBNZ central bank rate hike announcement. The central bank hiked rates from 1.5% to 2.0% and is predicted to hike again at the next meeting with expectations of the interest rate tapping out at around 3.25% by the end of 2022. Poor performing metals have also weighed on the Aussie- the cross reaching 0.9180 (1.0890) early Friday before travelling back to 0.9130 (1.0950). Key data out next week comes in the form of Australian GDP q/q – not predicted to be a bumper read. We could see an uptick in the kiwi over the next few days.

The current interbank midrate is: NZDAUD 0.9126 AUDNZD 1.0952
The interbank range this week has been: NZDAUD 0.9071- 0.9183 AUDNZD 1.0889- 1.1023

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