Oil prices keep some pressure on the commodity currencies and that’s one reason why the AUD got no lasting help from an unchanged RBA. The policy statement seemed pretty neutral but did reference the threat of further AUD appreciation.
AUD/USD may have bounced as much as it can. The NZD meanwhile, has been hit by a further revival in rate-cut expectations after business confidence fell.
We still expect further AUD/NZD gains, and shorting NZD (vs EUR?) appeals.
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