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Consolidation ahead of mid-term results

Published November 7, 2018

by Nicholas Cork

AUD has spent the last 24 hours consolidating within its recent 0.7150/0.7250 range as the world awaits the US mid-term results, and with the polls closing imminently we should begin to see some voter numbers produced throughout our day. Homeland security has confirmed no cyber breaches have occurred and voter numbers are reportedly well up on 2014, thus so far so good….

The RBA gave us more of the same yesterday and the big four banks are still seeing no movement in interest rates for at least 12 months, as the RBA continue to bemoan that inflation returning to its target is ‘likely to be gradual’.  In NZ, the GDT Dairy Auction was soft falling 2% overnight, however the NZD has just jumped higher as unemployment data was much better than expected. RBNZ tomorrow.

Note that AUDEUR starts today near 3 month highs , AUDNZD is at 5 month lows post NZ employment data.