2 Jul 2013
Flash: Exporter appetite increases for AUD, NZD – BNZ
FXstreet.com (New York) - The NZD/USD managed to grind up through 0.7800 recently, with the AUD/USD squeaking through 0.9200 – we’ve witnessed the tentative return of exporter appetite for the antipodeans over the past 24 hours, notes the BNZ Research Team.
In contrast, the speculative community remains keen to play the AUD and NZD from the short side. “We’re expecting a 1.6% decline in the world price component of today’s ANZ commodity price index. We also hold a small negative bias for tonight’s GDT dairy price auction.” the team adds.
However, this afternoon’s RBA meeting promises to be today’s main event for the NZD. An unchanged 2.75% cash rate looks like a done deal. All the interest will be on the strength of the RBA’s easing bias, in the context of the AUD’s sharp decline.
In contrast, the speculative community remains keen to play the AUD and NZD from the short side. “We’re expecting a 1.6% decline in the world price component of today’s ANZ commodity price index. We also hold a small negative bias for tonight’s GDT dairy price auction.” the team adds.
However, this afternoon’s RBA meeting promises to be today’s main event for the NZD. An unchanged 2.75% cash rate looks like a done deal. All the interest will be on the strength of the RBA’s easing bias, in the context of the AUD’s sharp decline.