The AUD/NZD sellers stepped in on Tuesday, wiping all the daily gains and pushing the cross to 1.0860.
Sellers take control of AUD/NZD, pushing the pair to 1.0860 and clearing the recent gains. New Zealand is set to release June ANZ consumer and business surveys on Wednesday, with keen attention from the market. CPI data from Australia due this Wednesday, continues to reveal Australia 's direction. The Reserve Bank of Australia and the Reserve Bank of New Zealand moves are keenly awaited by investors, who await guidance.
The key data for the week would, however, come through with the release of the May Consumer Price Index on Wednesday. The swaps market now sees less than 25% odds of a rate cut by December 2024, which intensifies to around 65% in February 2025. Despite the headline expectation to climb by two ticks to a five-month peak at 3.8% year on year, the RBA remains patient, expecting a considerable period before inflation sustainably sits within the 2-3% target range.
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