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29 Jul 2015
AUD/NZD: Wheeler trips the bulls up
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0918 with a high of 1.1009 and a low of 1.0895.
AUD/NZD made the lowest daily close since mid-June when it fell below 1.1000 on early Asian hours and bottomed after 1.0895 on Wheeler. He was taking on the NZ economy at a private event and said that a further depreciation will be necessary.
The bid in the bird may have come when he explained that only large cuts in the OCR would be necessary if the economy was moving towards a recession. Nevertheless, we continue with the southerly trajectory that came of the RBNZ's recent cut in the OCR down to 3.00% but only by 0.25% rather than a 50/50 anticipated 0.50% cut. That move may evident that that RBNZ is comfortable with current progress in the economy for the time being. Markets will now focus on the FOMC tonight in the US session.
AUD/NZD made the lowest daily close since mid-June when it fell below 1.1000 on early Asian hours and bottomed after 1.0895 on Wheeler. He was taking on the NZ economy at a private event and said that a further depreciation will be necessary.
The bid in the bird may have come when he explained that only large cuts in the OCR would be necessary if the economy was moving towards a recession. Nevertheless, we continue with the southerly trajectory that came of the RBNZ's recent cut in the OCR down to 3.00% but only by 0.25% rather than a 50/50 anticipated 0.50% cut. That move may evident that that RBNZ is comfortable with current progress in the economy for the time being. Markets will now focus on the FOMC tonight in the US session.