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AUD/NZD tries to recover 1.125; NZ GDP and Australian Employment are under consideration

Alina Haynes

Sep 14, 2022 11:46

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After recovering to approximately 1.1214 during the Tokyo morning session, the AUD/NZD pair is approaching the critical 1.1250 barrier. In a broader sense, the asset is currently gaining after striking a low of 1.1120 last week. In expectation of favorable Australian employment data, market participants utilize any decline as a buying opportunity.

 

According to the consensus, the Australian Bureau of Statistics will publish a 35k increase in job creations against a 40.9k fall in payrolls. In addition, it is projected that the unemployment rate would remain constant at 3.4%. A similar situation could prompt the Reserve Bank of Australia (RBA) to immediately increase the Official Cash Rate (OCR). The University of Melbourne's release of the Consumer Inflation Expectation statistics is also of major importance.

 

It is projected that the Consumer Inflation Expectation will increase dramatically to 6.7% from 5.7% earlier. This will prompt RBA Governor Philip Lowe to announce a fifth consecutive 50 basis point (bps) rate hike at the monetary policy committee meeting in October.

 

On the front of New Zealand, investors anticipate the announcement of Gross Domestic Product (GDP) numbers on Thursday. Consensus forecasts indicate a 0.2% expansion in the New Zealand economy, as opposed to the 1.2% reported previously. While the quarterly data will result in an expansion of 0.8% as opposed to a decline of 0.2%.

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