- AUD/NZD is auctioning a marked territory as investors await Australian Consumer Inflation Expectations.
- Aussie Inflation Expectations are likely to remain higher due to the unavailability of a downside signal.
- The RBNZ has already raised its OCR to 2.5% to combat price pressures.
The AUD/NZD pair is displaying back and forth moves below the critical hurdle of 1.0600 in the early Asian session. The cross is juggling in a range of 1.0384-1.0642 as investors are awaiting the release of the Australian Consumer Inflation Expectations data.
The University of Melbourne will dictate the Consumer Inflation Expectations, which presents the consumer expectations of future inflation during the next 12 months. Earlier, the inflation data landed at 6.3%. This time, an upside surprise is expected as price pressures are soaring vigorously in the Australian economy. Earlier, the aussie inflation landed at 6.1% for the second quarter of CY2022, higher than the prior release of 5.1%. The inflation figure of 6.1% is the highest recorded since 1990, which indicates that the price pressures are not likely to find a sigh of relief.
This will keep the Reserve Bank of Australia (RBA) on its toes as policy tightening measures are critical to combat the ramping inflation. It is worth noting that the RBA has already elevated its Official Cash Rate (OCR) to 1.85% after three consecutive 50 basis points (bps) interest rate hike announcements.
On the NZ front, price pressures are soaring in the NZ economy and have not displayed a meaningful exhaustion sign yet. As per the June print, an inflation rate of 7.3% is sufficient to create headwinds for the households. To contain the inflation mess, Reserve Bank of New Zealand (RBNZ) Adrian Orr is continuously elevating its interest rates, which are now moved to 2.5%, the highest since March 2016.
|Today last price||1.1057|
|Today Daily Change||-0.0027|
|Today Daily Change %||-0.24|
|Today daily open||1.1084|
|Previous Daily High||1.1132|
|Previous Daily Low||1.1071|
|Previous Weekly High||1.1141|
|Previous Weekly Low||1.1006|
|Previous Monthly High||1.1246|
|Previous Monthly Low||1.0936|
|Daily Fibonacci 38.2%||1.1095|
|Daily Fibonacci 61.8%||1.1109|
|Daily Pivot Point S1||1.1059|
|Daily Pivot Point S2||1.1035|
|Daily Pivot Point S3||1.0998|
|Daily Pivot Point R1||1.112|
|Daily Pivot Point R2||1.1157|
|Daily Pivot Point R3||1.1181|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD retreats to 1.0750, looks to post small weekly gains
EUR/USD lost its traction and declined to the 1.0750 area in the American session on Friday. In the absence of high-tier data releases, week-end flows seem to be impacting the pair's action heading into the weekend.
GBP/USD holds above 1.2550 ahead of the weekend
GBP/USD keeps its footing on Friday and trades modestly higher on the day above 1.2550 following Thursday's rally. Ahead of next week's all-important US inflation data and Fed policy announcements, modest US Dollar weakness allows the pair to stay in positive territory.
Gold struggles to find direction, holds steady near $1,960
Gold price struggles to make a decisive move in either direction on Friday in the absence of high-impact data releases. The benchmark 10-year US Treasury bond yield stays relatively calm above 3.7% following Thursday's slide, limiting XAU/USD's action.
Weekly Roundup: Binance US halts fiat services, Coinbase does business as usual, XRP hits key milestone
The US financial regulator, the Securities and Exchange Commission’s (SEC) clampdown on exchange negatively influenced the crypto market and assets throughout the week. The lawsuits against Binance and Coinbase resulted in several challenges for the platforms’ users.
The Week Ahead - FOMC, ECB and Bank of Japan, US CPI, China retail sales and Tesco results
A busy week is ahead, including meetings from the Federal Reserve, the European Central Bank, and the Bank of Japan. Data to be released includes US CPI and China retail sales. Tesco will also release results.