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Market News AUD/NZD Is Targeting 1.0800 As RBA Policy Enters The Picture

AUD/NZD Is Targeting 1.0800 As RBA Policy Enters The Picture

AUD/NZD aims to reclaim the 1.0800 resistance level ahead of the RBA policy statement. As a result of persistently falling inflation in Australia, the RBA is anticipated to maintain interest rates at 3.6%. Amid a decline in New Zealand inflation, the RBNZ would contemplate pausing its policy tightening.

Alina Haynes

2023-04-28

11007

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During the Asian session, the AUD/NZD pair has extended its recovery above 1.0787. The cross is anticipated to advance towards the round-number resistance of 1.0800. The Australian Dollar is resilient despite mounting expectations that the Reserve Bank of Australia (RBA) will maintain its current interest rate policy.

The release of Australian inflation data this week enabled the RBA to maintain the Official Cash Rate (OCR). The Australian Bureau of Statistics (ABS) reported that the quarterly Consumer Price Index (CPI) (Q1) increased by 1.4%, which was faster than market participants had anticipated but slower than the previous rate of 1.9%. The annual rate of inflation moderated to 7.0%, which was slightly higher than forecasts of 6.9% but lower than the previous reading of 7.8%.

The monthly CPI indicator, which has already declined significantly from its zenith of 8.4% in December to its current level of 6.1%, has decelerated further from the consensus estimate of 6.6% and the previous reading of 6.6%. Philip Lowe, governor of the Reserve Bank of Australia (RBA), will maintain the current interest rate of 3.6% in light of Australia's persistently falling inflation rate.

In the future, the Australian Producer Price Index (PPI) will be of the uttermost importance. A decline in producer prices for products and services at the factory gate will increase the likelihood that the RBA will adopt a neutral stance.

Wednesday's employment data will have a significant impact on the New Zealand Dollar. New Zealand's inflation has also slowed, allowing the Reserve Bank of New Zealand (RBNZ) to consider pausing the process of policy tightening.