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Despite the RBNZ's pessimistic expectations, the AUD/NZD crosses a new weekly high of 1.1090

Alina Haynes

Jul 08, 2022 11:35

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Early in the Tokyo trading session, the AUD/NZD pair hit a new weekly high of 1.1088. Since the Reserve Bank of Australia announced a rate increase during the previous two trading sessions, the cross has been in the hands of bulls (RBA).

 

RBA Governor Philip Lowe announced a 50 basis point (bps) increase in interest rates this week. The Official Cash Rate (OCR) has been raised by the RBA to 1.35 percent. The announcement matched the expectations of market participants. Due to rising prices for food and fossil fuels, pricing pressures in the Australian economy are getting worse. As a result, the first quarter of CY2022 saw an inflation rate of 5.1%.

 

The Australian Trade Balance has made the Australian dollar more valuable relative to the New Zealand dollar. The monthly economic figures came in at 15,965M, above the 10,725M projected and the 13,248M reported in the prior report.

 

Investors' attention will be focused on the Australian jobs data the following week. Market analysts anticipate that the Employment Change will remain at 25k, a significant drop from the prior estimate of 60.6k.

 

Investor focus has shifted to the Reserve Bank of New Zealand's interest rate decision on the kiwi front (RBNZ). In view of the growing inflation rate, RBNZ Governor Adrian Orr may raise the OCR further. The RBNZ's OCR is at 2 percent. The RBNZ has raised interest rates at a quicker rate than other Western leaders, which is noteworthy. The objective of neutral interest rates will be achieved more quickly.

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