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AUD/NZD – Can the Rally Last?
AUD/NZD has been on a tear lately -- up nearly three big figures in the past two days alone. Part of the rally has been due to better risk appetite and better Chinese equity which favors Aussie disproportionally over the kiwi. Part of the gains have been due to selling pressure on the kiwi which continues to suffer as Dairy Auction prices lose ground every month.
However, tomorrow the market may get the data that will determine if the rally will last. Over the past year the one key indicator that has propped up the Australian economy has been jobs. Despite all the slow down in China Australian labor markets have been remarkably resilient keeping the RBA away from easing further. This month the market is once again looking at Australia to pump up jobs, however if the number fizzles fresh concerns should flood the market and AUD/NZD could see a sell off back towards the 1.0600 mark.