AUD/NZD plummets 30 pips as Aussie inflation disappoints RBA hawks – by anilpanchal7 AUDNZD Inflation RBA RBNZ RiskAversion
also join the recently weaker Consumer Price Index data, the increasing odds of the Reserve Bank of Australia’s policy pivot keep bears hopeful.
That said, Australia’s Monthly Consumer Price Index dropped to 6.8% YoY in February versus 7.2% expected and 7.4% prior.Although the recent Aussie data favor bears, the market’s cautious optimism allows the AUD/NZD pair to check the bears before giving them control. Behind the risk-on mood could be the receding fears of a banking crisis and hopes of less aggressive rate hikes from the top-tier central banks seem to gain the market’s attention. Also keeping the traders positive are chatters that the likely recession in some of the developed countries will be less severe than initially expected.
While portraying the mood, US Treasury bond yields struggle to extend the two-day rebound but S&P 500 Futures print mild gains at the latest. With the latest Aussie data raising fears of no rate hike from the Reserve Bank of Australia , AUD/NZD traders will be more interested in New Zealand’s housing market numbers and the ANZ sentiment figures ahead of China activity data for March. Should these numbers appear strong, the cross-currency pair may witness further downside.The AUD/NZD pair’s sustained bounces off a horizontal area comprising multiple levels marked since early December 2022, around 1.
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