Following a climb to the highest level since mid-May and gaining more than 1.20% since late June, the AUD/NZD buyers stepped back to secure some gains but the pair is poised for some consolidation.
AUD/NZD opened the week mildly higher at around 1.0990. New Zealand's struggling economy still causes worries, as the market awaits the RBNZ meeting later this week. The RBA continues its hawkish tone, creating a favorable outlook for the Aussie. The Reserve Bank of New Zealand 's Wednesday meetup and while New Zealand's economic performance still shows signs of struggle, fundamentals lean in favor of the Aussie.
Some even foresee an earlier cut in October, considering New Zealand's slowing growth. Meanwhile, in Australia, the latest hot inflation data has ramped up market expectations. The market now suggests an almost 40% chance of a 25 bps rate hike on the September 24 meeting of the Reserve Bank of Australia , rising to around 50% by November 5. The RBA recently has been contemplating raising rates, thus benefiting the Aussie.
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