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AUDNZD – Ready for 1.0600?
Unless all the tracking exit polls are wrong it looks like Hillary Clinton will win and that means most of the pro-Clinton FX trades have been priced in and attention will turn back to day to day affairs.
Tomorrow the marquee event of the day will be the RBNZ decision as the market prepares for yet another rate cut. Although general economic growth and inflation gauges in New Zealand have been above estimates the central is still very likely to lower rates as inflation remains low and most importantly the kiwi remains high. With risk trades catching a bid the kiwi is now near the yearly highs of 7400 and the RBNZ is likely to talk the currency lower as it prefers the exchange rate to be closer to 7000.
That means that AUD/NZD which has found strong support at the 1.0450 level may be ready to rally with 1.0600 the most immediate target of the longs in the aftermath of the RBNZ rate decision.