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Market News AUD/NZD remains firmer above 1.1400 as Australia Retail Sales rise

AUD/NZD remains firmer above 1.1400 as Australia Retail Sales rise

AUD/NZD continues bullish, reversing the previous day's retreat from a nine-year high. August retail sales in Australia exceeded expectations. The market attitude deteriorates as a result of recession concerns and hawkish Fed language. As bulls have been struggling as of late, news from China and Europe has become the determining factor for near-term direction.

Alina Haynes

2022-09-28

312

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AUD/NZD stays stronger at 1.1430, gaining bids recently, as Australia's Retail Sales on Wednesday morning favored purchasers. In doing so, the cross-currency pair likewise disregards negative news from China and fears of a recession, while prodding Monday's nine-year high.

Australia's Retail Sales grew 0.6% month-over-month vs 0.4% projected and 1.2% previously, allowing the Australian dollar (AUD) to rise in anticipation of further rate hikes from the Reserve Bank of Australia (RBA).

The latest statements made by Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr and New Zealand's Finance Minister (FinMin) Grant Robertson on Tuesday also supported AUD/NZD buyers.

Orr of the RBNZ stated that the central bank still had some work to do, but that the tightening cycle was fairly advanced. After him, "Currently, the global economy is a difficult place to be. Obviously, there are still problems emanating from Europe, with the war in Ukraine, as well as problems in China "According to Reuters, New Zealand Finance Minister Grant Robertson stated in an interview with state-owned TVNZ.

Fears stemming from the European energy crisis and China's zero-covid policy appear to pose the greatest challenge to the AUD/NZD bulls. It should be mentioned that the World Bank's (WB) pessimistic economic forecasts for China and rumors that the dragon nation called major market players to defend equities exposed weaknesses in the economy of Australia's largest consumer.