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Australian Dollar Cross Pick 11.07.2012

Australian Dollar Cross Pick 11.07.2012

David Song, Strategist

I’ve been holding the AUDNZD short from 1.2662 and 1.2625 as job growth in Australia is expected to slow further, while New Zealand’s labor market is anticipated to encourage an improved outlook for the region as employment is projected to increase 0.3% in the third quarter. As the Reserve Bank of New Zealand (RBNZ) continues to strike a fairly neutral tone for the region, the deviation in the policy outlook should push the exchange rate lower over the near-term, and we will maintain an open target for now as the aussie-kiwi carves out a lower top coming into November.

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