Kiwi ripens against Aussie
Over the past two months NZD/AUD has rallied 7%, largely due to developments on the interest rate front.
Even as Australian data has generally been stronger than expected, the Reserve Bank of Australia (RBA) appears comfortable with current monetary policy settings, and we do not expect a rate hike until later in the year. In contrast, the Reserve Bank of New Zealand (RBNZ) delivered a 25 basis point hike to 5.75% in June, and the accompanying statement and bank forecasts imply a further 50bp
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