AUD/NZD cheers upbeat statements from the latest Reserve Bank of Australia (RBA) Monetary Policy Meeting Minutes during early Tuesday, picking up bids to refresh intraday high near 1.0850 at the latest. In doing so, the exotic pair reverses the initial losses, the first in the seven days, to rejoin the bulish run.
The latest RBA Minutes appear hawkish as it said that the board considered rate hike at April meeting, before deciding to pause.
Also read: RBA minutes: Australia's central bank actively considered April rate hike before deciding on pause
Apart from the RBA Minutes, the cautious optimism in the market, head of the key China data and amid receding fears of recession, also underpin the AUD/NZD pair’s latest run-up. That said, the recent comments from the International Monetary Fund (IMF) about China’s economic growth seems to underpin the AUD/NZD run-up.
While the initial market reaction to the RBA Minutes appears less impressive, the AUD/NZD pair traders should rely on the China Q1 GDP, expected 2.2% QoQ versus 0.0% prior, for clear directions. Above all, Thursday’s New Zealand Q1 Consumer Price Index (CPI), expected to rise to 2.0% QoQ versus 1.4% prior, will be crucial for the exotic pair traders to watch for clear directions.
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