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Market News AUD/NZD Surges Above 1.0800 As Attention Shifts To RBA Lowe's Speech

AUD/NZD Surges Above 1.0800 As Attention Shifts To RBA Lowe's Speech

AUD/NZD has begun to stabilize above 1.0800 as investors await RBA Lowe's speech for additional cues. The market anticipates a neutral RBA interest rate policy stance in June, following an unexpected 25 basis point rate increase in May. RBNZ Silk warned the central bank against excessively tightening policy.

TOP1 Markets Analyst

2023-05-30

8711

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In the early Tokyo session, the AUD/NZD pair has shifted its auction comfortably above the round-level resistance of 1.0800. The asset has strengthened in advance of Reserve Bank of Australia (RBA) Governor Philip Lowe's speech.

Next week, RBA Governor Philip Lowe is anticipated to provide guidance regarding the probable course of monetary policy action. After an unexpected 25 basis points (bps) rate hike announcement in May, the market anticipates a neutral interest rate policy stance for June.

Inflation in Australia has been consistently decelerating for the past three months due to the RBA's decision to raise interest rates. In March, the monthly Consumer Price Index (CPI) slowed to 6.3% from an enormous 8.4% in December. Moreover, Australia's retail demand remained stagnant in March as higher cost of living and hefty interest rates squeezed households' deep wallets. A sharp decline in household expenditure is anticipated to exacerbate inflationary pressures.

Australia's monthly CPI (April) will be closely monitored on Wednesday. The economic data is anticipated to increase marginally to 6.4% from the previous 6.3%. Inflation rates that persist could force the RBA to adopt a hawkish stance in the future.

The New Zealand Dollar has failed to sustain its strength despite the Reserve Bank of New Zealand's (RBNZ) significant increase in interest rates. The RBNZ has increased its Official Cash Rate (OCR) to 5.5% as inflationary pressures show no sign of abating. Karen Silk, assistant governor of the Reserve Bank of New Zealand, cautioned a week ago that the central bank must be wary of overtightening policy and that it should wait and see what happens.