AUD/NZD initially plummeted to 1.0738 on the Reserve Bank of Australia’s (RBA) interest rate pause before recently picking up bids to 1.0760 during early Tuesday.
In doing so, the exotic pair marks the bear’s dominance as the Aussie central bank pauses its rate hike trajectory after lifting the benchmark rates in the last 10 consecutive meetings.
Also read: Breaking: RBA steers rates on a steady course at 3.60% in April, as expected
Apart from the RBA moves, the challenges to sentiment emanating from China and inflation fears, as well as the Reserve Bank of New Zealand’s (RBNZ) likely rate hike, also seems to weigh on the AUD/NZD prices.
Earlier in the day, the latest New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO) signaled that the RBNZ tightening looks to be gaining traction in dampening demand.
Having witnessed the initial reaction to the RBA’s Interest Rate Decision, AUD/NZD traders may wait for RBA Governor Philip Lowe’s comments, scheduled for early Wednesday, before portraying any further moves. Additionally important will be the RBNZ announcements as the New Zealand central bank’s rate hikes have recently gained criticism. Even so, Auckland based bank is up for 0.25% rate hike and may weigh on the AUD/NZD if skipping any dovish remarks in the policy statements.
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