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Why is the NZD weak against the AUD?

Written by Sam Coxhead on May 4th, 2012.      0 comments

6:34 PM (NZT) It has been a surprising week for this pair. The NZD saw some early pressure from the AUD but took back its losses following the RBA announcement of the 50pt cut the cash rate. Since setting the NZD highs for the week following the RBA, the pressure has all been on the NZD. This saw some acceleration following yesterdays NZ employment numbers. This NZD under performance is against the fundamentals of the contracting cash rate differential between the two economies. The next few days will prove interesting, if the NZD can consolidate at current levels and push the pair back through the .7830 (1.2770) level, we should see a logical return to the .7830/.8000 (1.2500/1.2770) recent range. In the meantime those looking to sell AUD and buy NZD should take advantage.
 
The current interbank midrate is:                                                            NZDAUD .7802                            AUDNZD 1.2817
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7781 - .7892             AUDNZD  1.2671 - 1.2852
 

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