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Market News Strong Australian Data Propels the AUD/NZD Higher, While Markets Assimilate New Zealand Tax Relief

Strong Australian Data Propels the AUD/NZD Higher, While Markets Assimilate New Zealand Tax Relief

The AUD/NZD experienced a recovery to its highest point of 1.0840 subsequent to its decline to 1.0815 on Wednesday. The Australian dollar (AUD) gained strength subsequent to the disclosure of significant inflation figures earlier in the week. The newly declared tax cut policy in New Zealand could potentially postpone the rate cuts implemented by the RBNZ.

TOP1 Markets Analyst
2024-05-31
6371

AUD:NZD 2.jpeg 

 

During Thursday's trading session, the AUD/NZD was observed to be up as markets digested mid-tier Australian data and a new fiscal policy from New Zealand.

 

The AUD was sustained in Australia by robust business investment in the first quarter and private capital expenditure figures that exceeded expectations. A combination of robust economic data and higher-than-anticipated inflation figures released by the nation on Tuesday could potentially influence the Reserve Bank of Australia (RBA) to adopt a more accommodative stance. The Gross Domestic Product (GDP) will be attentively monitored on Wednesday.

 

The new government of New Zealand concurrently unveiled a tax cut program worth NZD 14.7 billion, targeting households with low and middle incomes. A more lenient fiscal policy has dampened anticipations that the Reserve Bank of New Zealand (RBNZ) will soon reduce interest rates, which could ultimately limit the Kiwi's losses. The likelihood of a November cut decreased marginally but is still valued at approximately 70%.

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