NZD: Up Modestly Post Q4 GDP Beat, AUD/NZD TO Fresh YTD Lows
Mar-19 21:50
NZD/USD has risen post the post Q4 GDP beat, but the reaction is modest so far. We were last 0.5820/25 (prior to the data - 0.5810/15), post print highs were at 0.5826. This is just under recent highs of 0.5831. As we noted earlier, the upside focus may rest at 0.5860/65, which is where 200-day EMA resistance comes in.
- The AUD/NZD cross dipped to 1.0914, but sits slightly higher now at 1.0920/25. This is fresh lows in the cross back to early Oct last year. Later on we get Aust jobs data.
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AUD: AUDUSD Bullish Condition Reinforced, RBA Later With Rate Cut Expected
Feb-17 21:31
AUDUSD rose 0.1% to 0.6359 but traded in a narrow range following Monday’s APAC session. It found some support from a weaker US dollar (USD BBDXY -0.1%) and stronger European equities (the US was closed). The RBA decision is announced today and it is widely expected by markets and analysts to cut rates 25bp to 4.1%.
- With AUDUSD trading above key short-term resistance at 0.6331, the bull trend has been reinforced and a stronger reversal highlighted. However, moving average studies remain in a bear-mode position. Initial support is at 0.6303, 50-day EMA, while resistance is at 0.6384, 13 December high.
- The yen outperformed on Monday leaving AUDJPY down 0.4% to 96.32 after a recent low of 96.20.
- AUDNZD is slightly lower at 1.1082. It exceeded 1.11 a number of times but couldn’t sustain the move. The RBNZ is expected to cut rates 50bp on Wednesday.
- AUDGBP fell 0.2% to 0.5036 after an intraday trough of 0.5030. In contrast, AUDEUR rose 0.2% to 0.6066 after reaching a high of 0.6080.
- Equities were stronger with Euro stoxx up 0.5% and the DAX +1.3%. Oil prices were higher with Brent rising 0.8% to $75.32/bbl. Copper is down 1.5% and iron ore is around $105/t.
- See MNI RBA Preview here.
ASIA: Coming Up In The Asian Session On Tuesday
Feb-17 21:19
| 0300GMT | 1100HKT | 1400AEDT | South Korea 4Q South Korea Household Credit |
| 0830GMT | 1630HKT | 1930AEDT | Hong Kong Jan Unemployment Rate |
| Singapore 2025 Budget Balance % of GDP | |||
| China Jan FX Net Settlement |
ASIA: Coming Up In The Asia-Pac Session On Tuesday
Feb-17 21:16
| 2300GMT | 0700HKT | 1000AEDT | Fed's Waller Gives Speech on Economic Outlook |
| 0300GMT | 1100HKT | 1400AEDT | South Korea 4Q South Korea Household Credit |
| 0330GMT | 1130HKT | 1430AEDT | Australia Feb RBA Cash Rate Target |
| 0330GMT | 1130HKT | 1430AEDT | Australia RBA-Statement on Monetary Policy |
| 0335GMT | 1135HKT | 1435AEDT | Japan to Sell 20-Year Bonds |
| 0500GMT | 1300HKT | 1600AEDT | Japan Jan Tokyo Condominiums for Sale |
| China Jan FX Net Settlement |
