The USD/CNY fixing printed at 7.1728, versus a Bloomberg market consensus of 7.2433. * Today's fixi...
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The AUD/NZD cross has broken higher, the pair comfortably to fresh multi-month highs, last near 1.1130. These levels were last seen back in Nov last year. We are above key EMAs, the 20-day is back close to 1.1070. Late Nov highs for the pair were at 1.1180, in terms of potential upside targets in the pair. Beyond that is the 1.1200 figure level, a level which we haven't breached since 2022.
Fig 1: AUD/NZD Versus AU-NZ 2yr Swap Spread & AU/NZ Relative Commodity Prices
Source: DB/CBA/Market News - MNI/Bloomberg
NAB January business confidence picked up to +4 from -2, its highest in three months. The series has been oscillating around the zero mark for around two years. Conditions moderated further to +3 from +6, in line with the November outcome. The price/cost components remained elevated but below cycle highs and labour demand is above the 2024 trough. More data painting a mixed picture ahead of the RBA’s February 18 meeting.
Australia NAB business price/cost components 3m/3m %
Australia NAB activity