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AUD/NZD: A fresh high for 2019 ahead of RBA minutes

  • AUD/NZD set a fresh high for 2019 - RBNZ will revise their growth forecasts lower at the November MPS.
  • RBA Board’s September meeting are due at 11:30am Syd/9:30am Sing/HK.

The AUD also came under pressure but fared better than the kiwi; allowing this cross to set a fresh low for 2019. The release of the RBA’s September minutes will be the primary driver for this pair today, with many hoping to gather hints on the direction of future RBA policy. 

AUD/NZD has once again broken away to the topside despite the risk profile in the market. The Kiwi has been under pressure while markets look to further action from the Reserve Bank of New Zealand and the kiwi struggled to hold its ground in the risk-off start to the week - NZD/AUD set a fresh low for 2019.

"Our updated GDP growth forecasts show the loss of momentum continuing in the second half of the year before bottoming out. The RBNZ will revise their growth forecasts lower at the November MPS, at which point we expect a 25bp OCR cut," analysts at ANZ Bank said. 

For the Reserve Bank of Australia, data is the focus as well as developments offshore between China and Australia. The release of the RBA’s September minutes will be the primary driver for this pair today, a key component for the RBA with many hoping to gather hints on the direction of future policy. 

Eyes on RBA minutes

"The minutes from the RBA Board’s September meeting are due at 11:30am Syd/9:30am Sing/HK. Markets showed little response to the statement on the day, with the steady hand at 1% fully expected and retention of the commitment to “ease monetary policy further if needed” not providing clear guidance on when another rate cut might be delivered," analysts at Westpac explained. 

AUD/NZD levels 


 

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