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FX News

AUD/GBP Transfer

The British Pound (GBP) extended gains on the Australian Dollar (AUD) Monday as markets focus on geopolitical risk uncertainty. The AUD/GBP reached 0.5175 (1.9325) as markets turned risk averse. To be fair things could have been a whole lot worse in the cross, the Aussie having found a little demand this morning as it pushed back to around 0.5185 (1.9290). On the docket this week we have UK CPI Wednesday predicted to come in at 3.1% y/y for March compared to 3.4% in February followed by Australian Jobs data Thursday with unemployment expected to tick higher off 3.7%

Current Level: 0.5175
Support: 0.5120
Resistance: 0.5235
Last week’s range: 0.5184- 0.5237

FX News

AUD/USD Transfer

The Australian Dollar (AUD) has gone 2 cents lower since mid-last week against the US Dollar (USD) falling hard after the Iran air strikes on Israel over the weekend extended declines. This is retaliation of the attack on the Syrian consulate. Overnight US Retail Sales beat expectations fuelling a greenback buy spree amid reduced geopolitical tensions. March figures are up 0.7% form 0.3%, the news also pushing up the 10-year treasury yield to 4.619 the highest level since November last year. Australian Jobs numbers release Thursday with the unemployment figure expected to print higher to 3.9% from 3.7% in February. This wont please the RBA as jobs data has a direct impact on inflation forecasting. With the AUD/USD down at 0.6440 as I write we may see a reconciliation of sorts as short sellers take profit.

Current Level: 0.6443
Support: 0.6430
Resistance: 0.6530
Last week’s range: 0.6454- 0.6643

FX News

EURO/NZD Transfer

The New Zealand Dollar (NZD) has failed to hold prices around 0.5600 (1.7850) against the Euro (EUR) at the start of the week falling back to 0.5555 (1.8000) in stiff risk off markets. Geopolitical uncertainty following the missile/drone strikes on Iran by Israel certainly could have been a lot worse with only a moderate sell-off in the kiwi. The only data this week of note in the cross is NZ CPI q/q with predictions of a 0.6% rise in prices in the March quarter. This should see the annual number dip to around 4.3% from 4.7% and subsequently put more downward pressure on the NZD.

Current Level: 1.8005
Resistance: 2.1170
Support: 2.0910
Last Weeks Range: 2.0855 – 2.1033

FX News

NZD/EURO Transfer

The New Zealand Dollar (NZD) has failed to hold prices around 0.5600 (1.7850) against the Euro (EUR) at the start of the week falling back to 0.5555 (1.8000) in stiff risk off markets. Geopolitical uncertainty following the missile/drone strikes on Iran by Israel certainly could have been a lot worse with only a moderate sell-off in the kiwi. The only data this week of note in the cross is NZ CPI q/q with predictions of a 0.6% rise in prices in the March quarter. This should see the annual number dip to around 4.3% from 4.7% and subsequently put more downward pressure on the NZD.

Current Level: 0.5554
Support: 0.4725
Resistance: 0.54780
Last week’s range: 0.4754- 0.4795

FX News

GBP/NZD Transfer

Risk sentiment pushed the New Zealand Dollar (NZD) lower Monday to 0.4740 (2.1090) against the British Pound (GBP), the latest dip could have been a whole lot worse with the escalation in the Middle East not as bad as first feared. Both NZ and UK inflation releases tomorrow with expectation of a tick lower in both the UK figure and NZ prints. We expect a retest of the support zone around 0.4725 (2.1170) the September 2023 low.

Current Level: 2.1088
Resistance: 2.1170
Support: 2.0900
Last Weeks Range: 2.0856- 2.1033

FX News

NZD/GBP Transfer

Risk sentiment pushed the New Zealand Dollar (NZD) lower Monday to 0.4740 (2.1090) against the British Pound (GBP), the latest dip could have been a whole lot worse with the escalation in the Middle East not as bad as first feared. Both NZ and UK inflation releases tomorrow with expectation of a tick lower in both the UK figure and NZ prints. We expect a retest of the support zone around 0.4725 (2.1170) the September 2023 low.

Current Level: 0.4742
Resistance: 0.4785
Support: 0.4725
Last Weeks Range: 0.4754- 0.4795

FX News

AUD/NZD Transfer

The Australian Dollar (AUD) bounced back against the New Zealand Dollar (NZD) at the start of the week partially reversing last week’s gains to 1.0910 (0.9165). The Aussie continuing its 8-week run against the unfavourable NZD. The next stop is the prior low at 0.9130 (1.0950) however this week’s key data could derail the AUD bulls. NZ inflation Wednesday should reflect a rise to the March quarter of 0.8%, year on year, this should represent a fall from 4.7% to approximately 4.3%. With the rise in the March quarter the RBNZ could see this as “forecasts lie to the upside” thus supporting the NZD. Aussie employment figures Thursday could surprise higher.

Current Level: 1.0909
Resistance: 1.0950
Support: 1.0860
Last Weeks Range: 1.0873- 1.0950

FX News

NZD/AUD Transfer

The Australian Dollar (AUD) bounced back against the New Zealand Dollar (NZD) at the start of the week partially reversing last week’s gains to 1.0910 (0.9165). The Aussie continuing its 8-week run against the unfavourable NZD. The next stop is the prior low at 0.9130 (1.0950) however this week’s key data could derail the AUD bulls. NZ inflation Wednesday should reflect a rise to the March quarter of 0.8%, year on year, this should represent a fall from 4.7% to approximately 4.3%. With the rise in the March quarter the RBNZ could see this as “forecasts lie to the upside” thus supporting the NZD. Aussie employment figures Thursday could surprise higher.

Current Level: 0.9162
Resistance: 0.9210
Support: 0.9130
Last Weeks Range: 0.9132- 0.9197

 

FX News

NZD/USD Transfer

Profit taking on short positions halted the New Zealand Dollar (NZD) from further declines Monday momentarily after the currency came off Friday and into the weekend to 0.5930 areas against the US Dollar (USD). Attacks on Israel from Iran air strikes sent markets into a spin as we all wondered how Israel would counter. With prices down further overnight around 0.5900 heading into Tuesday this represents a huge 2024 low pushing past the prior low at 0.5940 after a higher than forecast March US Retail Sales print. This week’s NZ CPI should reflect a decent dip from 4.7% from 4.3%, anything lower and we could see more downside moves in the kiwi.

Current Level: 0.5904
Support: 0.5800
Resistance: 0.6000
Last week’s range: 0.5933- 0.6082

 

FX News

AUD/USD Transfer

The Australian Dollar (AUD) edged higher to a 4-week high of 0.6644 against the US Dollar (USD) in early week moves as risk sentiment improved. As the US Federal Reserve delivered their inflation report prices in the cross plummeted 120 points to 0.6500 levels with markets not happy about the uptick in inflation from 3.4% y/y at 3.5%. This is the third straight month CPI has increased above expectations. The Fed now will dial back interest rate cuts predicted earlier this year most likely from June to September. Inflation cooled at the end of 2023, but the Fed now seems less confident they will see levels around 2.0% targets in 2024 making for a “higher for longer” theme.

The current interbank midrate is: AUDUSD 0.6540

The interbank range this week has been: AUDUSD 0.6497- 0.6643