Antipodean currencies AUD and NZD are among the best performing G10 currencies today. Gains on the base metals markets are providing support for the Australian dollar while New Zealand dollar is advancing following general elections in New Zealand that saw right-wing parties win. The pair may also remain somewhat more active this evening and overnight as there are 2 important releases scheduled - New Zealand Q3 CPI report (10:45 pm BST) and RBA minutes (1:30 am BST).
New Zealand inflation data is expected to show a CPI acceleration from 5.9% YoY in Q2 2023 to 6.0% YoY in Q3 2023. On a quarterly basis, inflation is seen reaching 2.0% QoQ, up from 1.1% QoQ in Q2 2023. When it comes to RBA minutes, the document is related to a meeting held 2 weeks ago at which central bankers decided to keep rates unchanged.
Taking a look at AUDNZD chart at D1 interval, we can see that the pair halted recent decline at the 1.0630 support zone and launched a recovery move. However, bulls struggle to maintain momentum with the pair pulling back from daily highs. Should we see the recovery gain traction, the near-term resistance zone to watch can be found in the 1.0750 area.
Source: xStation5
