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bought AUD/NZD

Bought half unit of AUD/NZD at 1.0432

Comment

Australian economic data have improved in recent months.  The AUD has been knocked down by an RBA statement that was essentially unchanged from its June statement. It simply chose to hold the line, but the risk is still there that it will need to warn the market about possible rate rises at some stage.

NZ may also be avoiding the necessity of preparing the market for possible rate rises, but after the set-back for the AUD/NZD following the RBA statement the levels are better to consider AUD/NZD longs.

Iron ore prices have firmed recently, milk futures prices have eased. The GDP biweekly dairy auction came in at -0.4% today for the overall price index from the previous event.

The NZ QV house price index fell further from 9.7%y/y to 8.1%y/y in June.

Australian CoreLogic weekly house price data rebounded 2.0% in the month to last weekend.

CFTC positioning shows significant long NZD positions, and moderate long AUD positions

 

Positions

Our stop loss in EUR/USD was triggered (in profit).

Long half unit EUR/NZD at 1.5549; s/l 1.5533

Long half unit AUD/NZD at 1.0432; s/l 1.0343; t/p 1.0618



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Greg Gibbs,
Founder, Analyst and PM
Amplifying Global FX Capital Pty Ltd