Notable today in the majors is the heavy tone in AUD/USD, with the likes of EUR, GBP and CAD all gaining against the greenback to some degree. However, we look to NZD/USD for the answer, as the spot rate extends to fresh session highs of .6765, though is now backing off this level. Consequently, AUD/NZD has taken out support at 1.1140-45, and this is weighing on the spot rate. No sweeping losses to note as yet, but given the sensitivity in all USD rates, AUD could come under some intense pressure if the USD index turns. All looks comfortable ahead of the low .7400’s, so plenty of room for further slippage for now. Little we can see to validate current NZD outperformance, especially given the broader focus on the USD.
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