The falling iron ore price and another looming interest rate cut are weighing heavily on the AUD, whilst the NZD has assumed ‘teflon’ status with no bad news sticking and the market ignored (or had already priced in) the poor dairy auction results.
AUD/NZD is trading around 1.0150 at present and the reportedly massive optionality at 1.00 could well be tested in thin holiday trade over the coming days.
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