Action in the Antipodeans, Risk Recovery - Westpac
Analysts at Westpac offered all the action surrounding the antipodeans.
"The improved global mood was clear in AUD being the strongest currency over 24 hours, JPY the weakest. AUD/USD rose from 0.7323 to as high as 0.7382 in the NY afternoon.
An occasionally influential RBA watcher in tabloid papers declared the RBA would not cut rates in June, absent disaster. Pricing for a June move has fallen from about 35% to 20% over the past day, with the better global mood helping.
NZD/USD bounced from 0.6760 to highs above 0.6825 as the RBNZ’s Financial Stability Report was judged to have expressed sufficient concern over Auckland house prices to make a June rate cut less likely.
However, Governor Wheeler’s press conference this morning is the main event on this topic. AUD/NZD rallied as far as 1.0920 in London but was back to 1.0850 after the RBNZ report."