17 Oct 2013
AUD/NZD gains limited on resistance?
FXstreet.com (London) - AUD/NZD is attempting the topside of todays range and breaking the resistance line of the sideways channel.
AUD/NZD has scored 1.1346 on the most recent hourly stick and highest on the NA session.
Meanwhile, from the calendar, firm New Zealand inflation underscores expectations for a RBNZ rate hike in early 2014.
AUD/NZD inflation risk from NZ
Research teams at BBH said that New Zealand reported Q3 CPI rose 1.4% from a year ago compared with a 0.7% pace in Q2. The market consensus was for an acceleration to 1.2%. “The New Zealand dollar has outperformed over the past week and is challenging the multi-month high set in on September 19 near $0.8435. Yet part of the recent demand has been linked to foreign demand for the NZD2.5 bln 2030 bond recently issued”. The market will now be looking at National Australia Bank's Business Confidence (QoQ) (Q3).
AUD/NZD has scored 1.1346 on the most recent hourly stick and highest on the NA session.
Meanwhile, from the calendar, firm New Zealand inflation underscores expectations for a RBNZ rate hike in early 2014.
AUD/NZD inflation risk from NZ
Research teams at BBH said that New Zealand reported Q3 CPI rose 1.4% from a year ago compared with a 0.7% pace in Q2. The market consensus was for an acceleration to 1.2%. “The New Zealand dollar has outperformed over the past week and is challenging the multi-month high set in on September 19 near $0.8435. Yet part of the recent demand has been linked to foreign demand for the NZD2.5 bln 2030 bond recently issued”. The market will now be looking at National Australia Bank's Business Confidence (QoQ) (Q3).