- All eyes are on the RBA this week, expecting a rate cut.
- A positive undertone emanating out of the RBNZ at present failing to support the bird.
AUD/NZD is currently trading at 1.0745 and virtually flat in the open this week, having travelled from a high of 1.0829 to a low of 1.0702 last week.
The bird has been unable to maintain the upward momentum despite a positive undertone emanating out of the RBNZ at present. “A modest weakening in the USD helped the kiwi firm but offered little lift. Expect the ANZ Business Confidence data to be closely followed by markets, analysts at ANZ explained.
Markets speculate on the odds of a cut at Tuesday’s RBA meeting
As for the AUD, the commodity currency edged higher as markets continued to speculate on the odds of a cut at Tuesday’s RBA meeting. China’s PMI data will be in focus for this pair today, as participants await tomorrow’s RBA decision.
Meanwhile, the general the easing of tensions in the Middle East amid a Saudi-Yemen partial cease-fire has been attributed to some technical selling in safe havens, supporting the Aussie.