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AUD/NZD declines following higher inflation figures from Australia and soft ANZ data

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The AUD/NZD was seen trading lower during Wednesday's trading session, as markets digest high-tier data from both Australia and New Zealand.

The AUD/NZD declines to a low of 1.0815 after reaching a high of 1.0850 on Wednesday. Australian high-tier data tempers RBA's dovish expectations, while soft New Zealand data renews RBNZ policy divergence. Following downbeat ANZ data, the market bets over higher odds of an RBNZ rate cut in November. The AUD/NZD was seen trading lower during Wednesday's trading session, as markets digest high-tier data from both Australia and New Zealand.

Recently sticky domestic inflation led to the RBNZ discussing a potential rate increase which led to a significant strengthening of the Kiwi, markets are betting that the first cut will come in November of this year, priced in by 65%. AUD/NZD technical analysis On the daily chart, the Relative Strength Index remains in negative territory, indicating a robust downtrend.

 

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