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FX News

AUD/USD Transfer

The Australian Dollar (AUD), US Dollar (USD) cross is still trading in a bear trend in 2024. A pickup from the low at 0.6467 last week to today’s 0.6530 is not enough to shift momentum on the down. Equity markets have been buoyant along with overall market sentiment over the past week. Soft Chinese data has been reflected in the price action with the Aussie pinned to much of the Chinese economy. China CPI came in soft stopping the Aussie making any meaningful topside moves. A slew of US data this week should keep things exciting on the chart starting with CPI y/y tomorrow predicted to come in at 2.9% down from 3.4%. The Fed recently pushing back on interest rate cuts indicating May could be the key date, not March. We also have Retail Sales and consumer sentiment late in the week. Upside for the Aussie could be limited.

Current Level: 0.6530
Support: 0.6480
Resistance: 0.6600
Last week’s range: 0.6467- 0.6539

FX News

EURO/NZD Transfer

The New Zealand Dollar (NZD), Euro (EUR) cross hasn’t yet found its feet in 2024, we have seen two distinct swings since early January clocking 0.5580 (1.7920) from the yearly open at 0.5720 (1.7480) then reversing back to 0.5690 (1.7570) today. Comments late in the week by ANZ suggesting the RBNZ will hike 2 more times in 2024 sent the kiwi into a spin higher. NZ inflation expectations print later today and should show the 2-year forecast in around 2.7%. If the data reflects a figure around 3.0%, we expect further policy tightening from the RBNZ with possibly 2 further hikes this year.

Current Level: 1.7580
Resistance: 1.7900
Support: 1.7420
Last Weeks Range: 1.7509- 1.7809

FX News

NZD/EURO Transfer

The New Zealand Dollar (NZD), Euro (EUR) cross hasn’t yet found its feet in 2024, we have seen two distinct swings since early January clocking 0.5580 (1.7920) from the yearly open at 0.5720 (1.7480) then reversing back to 0.5690 (1.7570) today. Comments late in the week by ANZ suggesting the RBNZ will hike 2 more times in 2024 sent the kiwi into a spin higher. NZ inflation expectations print later today and should show the 2-year forecast in around 2.7%. If the data reflects a figure around 3.0%, we expect further policy tightening from the RBNZ with possibly 2 further hikes this year.

Current Level: 0.5688
Support: 0.5585
Resistance: 0.5740
Last week’s range: 0.5615- 0.5711

FX News

GBP/NZD Transfer

The New Zealand Dollar (NZD) strengthened into the weekly close to 0.4870 (2.0530) against the British Pound (GBP) extending gains over the week. NZ Inflation expectations q/q prints today and should give us a look at the next 2 years forecasting. We should see a marked drop well below 2.8%. Midweek’s UK CPI y/y is our key data release with a rise to 4.1% from 4.0% expected which should keep the GBP bid. This could also unsettle the interest rate cut expectations for 2024. The GBP recovered off lows Monday back to 0.4855 (2.06) as it looks to retest 0.4840 (2.0650) areas.

Current Level: 2.0620
Resistance: 2.0900
Support: 2.0400
Last Weeks Range: 2.0501- 2.0847

FX News

NZD/GBP Transfer

The New Zealand Dollar (NZD) strengthened into the weekly close to 0.4870 (2.0530) against the British Pound (GBP) extending gains over the week. NZ Inflation expectations q/q prints today and should give us a look at the next 2 years forecasting. We should see a marked drop well below 2.8%. Midweek’s UK CPI y/y is our key data release with a rise to 4.1% from 4.0% expected which should keep the GBP bid. This could also unsettle the interest rate cut expectations for 2024. The GBP recovered off lows Monday back to 0.4855 (2.06) as it looks to retest 0.4840 (2.0650) areas.

Current Level: 0.4850
Resistance: 0.4900
Support: 0.4785
Last Weeks Range: 0.4796- 0.4877

FX News

AUD/NZD Transfer

The New Zealand Dollar (NZD) extended through to a fresh yearly high of 0.9445 (1.0585) late Friday against the Australian Dollar (AUD) after reports from the ANZ that more rate hikes were on the way had investors in a mood to buy up NZD. Monday’s open reflected a reversal of fortunes, the kiwi giving back gains as price sank back to 0.9385 (1.0655) the December high. Today’s NZ Inflation Expectations and Thursday’s Aussie jobs data could throw up surprises, we expect the NZD to stay in charge.

Current Level: 1.0652
Resistance: 1.0700
Support: 1.0590
Last Weeks Range: 1.0584- 1.0737

FX News

NZD/AUD Transfer

The New Zealand Dollar (NZD) extended through to a fresh yearly high of 0.9445 (1.0585) late Friday against the Australian Dollar (AUD) after reports from the ANZ that more rate hikes were on the way had investors in a mood to buy up NZD. Monday’s open reflected a reversal of fortunes, the kiwi giving back gains as price sank back to 0.9385 (1.0655) the December high. Today’s NZ Inflation Expectations and Thursday’s Aussie jobs data could throw up surprises, we expect the NZD to stay in charge.

Current Level: 0.9384
Resistance: 0.9440
Support: 0.9345
Last Weeks Range: 0.9313- 0.9448

 

FX News

NZD/USD Transfer

It’s been a quiet start to the week in the New Zealand Dollar (NZD), US Dollar (USD) cross with markets tentative ahead of US CPI y/y data publishing tonight. Expectations are for a fall from 3.4% to 2.9% which ultimately may force the hand of the Fed to cut rates sooner. The recent shift from the RBNZ on rate cut forecasts will have an impact in today’s NZ Inflation Expectations release. We should get a drop in the 2-year, 5-year and 10-year forecasts which could impact on future cut predictions and the timing of another hike or two. Certainly, investors are positioning for this with the kiwi outperforming last week. Governor Orr speaks Friday- “Monetary Policy Remit and 2% Inflation” which could be interesting. Support at 0.6080 should also ensure the kiwi has a positive week.

Current Level: 0.6128
Support: 0.6080
Resistance: 0.6220
Last week’s range: 0.6037- 0.6157

 

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) continues to be taken to task by the British Pound (GBP) in 2024. Overnight action has seen the cross break into new ground at 0.5145 (1.9440) a fresh yearly low. The Bank of England (BoE) kept rates unchanged at 5.25% in a 6-3 vote. The central bank is confident they have their policy setting correct on the path to bringing back inflation to 2.0% target. Early in the week the RBA left their key interest rate on hold at 4.35% in the first policy meeting for 2024. Inflation remains high was the call from the RBA, inflation continued to ease in the December quarter but still remains high. The RBA has not written off prospects of hiking further. The next target of interest slides at support at 0.5075 (1.9700), next week’s UK CPI and Aussie jobs data will be key.

The current interbank midrate is: AUDGBP 0.5143 GBPAUD 1.9443

The interbank range this week has been: AUDGBP 0.5140- 0.5194 GBPAUD 1.9250- 1.9452

FX News

AUD/USD Transfer

The Australian Dollar (AUD) continues to retest long term lows in 2024 against the US Dollar (USD) and broadly. The currency hasn’t been able to gain any real momentum based largely on central bank plays and large safe haven USD buying- overnight falling to 0.6490. The RBA left interest rates on hold Tuesday at 4.35% saying rates could rise further depending on incoming data and evolving assessments while downwardly revised their inflation and growth forecasts. RBA Gov Bullock said “signs are good” regarding inflation but “we have to be vigilant”. It’s likely the RBA will lag other central banks in moving to cutt rates which in theory could bring buyers back into the Aussie.

The current interbank midrate is: AUDUSD 0.6490

The interbank range this week has been: AUDUSD 0.6467- 0.6539