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Market News AUD/NZD surpasses 1.1300 as attention refocuses on RBA minutes

AUD/NZD surpasses 1.1300 as attention refocuses on RBA minutes

In anticipation of hawkish RBA minutes, the AUD/NZD pair has increased its resistance above 1.1300. According to the RBA, the OCR and inflation rate will peak at approximately 3.85% and 7%, respectively. NZ Westpac Consumer Survey is anticipated to rise to 87.6 from the previously reported 78.7.

Daniel Rogers
2022-09-20
448

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The AUD/NZD pair has breached the important resistance level of 1.1300 with considerable power, as investors anticipate additional rate hikes from the minutes of the Reserve Bank of Australia (RBA). After establishing itself above the crucial barrier of 1.1260 on Monday, the cross is soaring substantially higher. Considering the asset's continuous trend, additional upside is anticipated.

 

Investors should be aware that at the September monetary policy meeting, the RBA announced a fourth rate hike of 50 basis points (bps) and increased the Official Cash Rate (OCR) to 2.35 percent. Philip Lowe, governor of the Reserve Bank of Australia, is regularly increasing the OCR in an effort to mitigate the escalating pricing pressures. The current inflation rate in Australia is 6.1%, which corresponds to the second quarter of CY2022.

 

In addition, the RBA policymakers predicted that the OCR will peak at approximately 3.85% and the inflation rate will peak at approximately 7%. The central bank will accomplish its target by December 2022 if it continues to raise the OCR by 50 basis points at the current rate.

 

On the New Zealand front, the kiwi bulls have failed to profit on Business NZ PMI data that is optimistic. The economic data came in substantially higher at 58.6 compared to the previous report of 54.4. In the future, the NZ Westpac Consumer Survey will be closely observed. According to the preliminary consensus, the third-quarter statistics for consumer sentiment will be 87.6, up from the previous reading of 78.7.

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