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10 Sep 2015
AUD/NZD can rise further towards 1.20 – SG
FXStreet (Córdoba) - Kit Juckes, Research Analyst at Societe Generale, points out that the AUD/NZD could rise further as rates in New Zealand and Australia converge.
Key quotes:
“With the dairy industry still under pressure, New Zealand's terms of trade suffering and the risk of further CNY weakness a threat, there's still room for NZD to fall, both against G3 currencies and against the Australian dollar”
“As NZ /Australian rates converge, a move in AUD/NZD towards 1.20 seems likely. This morning's strong Australian employment data (jobs +17,400 on the back of 11,500 full-time gains, and the unemployment rate down a tick to 7.2%) don't make a further RBA cut impossible in the current climate, but perhaps do suggest that Australia is a little further into its adjustment, having started cutting rates much earlier.”
Key quotes:
“With the dairy industry still under pressure, New Zealand's terms of trade suffering and the risk of further CNY weakness a threat, there's still room for NZD to fall, both against G3 currencies and against the Australian dollar”
“As NZ /Australian rates converge, a move in AUD/NZD towards 1.20 seems likely. This morning's strong Australian employment data (jobs +17,400 on the back of 11,500 full-time gains, and the unemployment rate down a tick to 7.2%) don't make a further RBA cut impossible in the current climate, but perhaps do suggest that Australia is a little further into its adjustment, having started cutting rates much earlier.”