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As Australia's retail sales continue to climb, the AUD/NZD pair has remained steady over 1.1400

Alina Haynes

Sep 28, 2022 14:53

截屏2022-09-28 上午10.05.01.png 

 

Australia's Retail Sales on Wednesday morning favored buyers, keeping the AUD/NZD high at 1.1430. By doing so, the cross-currency pair is ignoring bad news out of China and recession worries, and is instead pushing toward Monday's nine-year high.

 

The Australian currency (AUD) appreciated as a result of the 0.6% month-over-month increase in retail sales in Australia, which beat both the 0.4% forecast and the 1.2% increase seen in the previous month (RBA).

 

The latest statements made by Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr and New Zealand's Finance Minister (FinMin) Grant Robertson on Tuesday also supported AUD/NZD buyers.

 

RBNZ governor Orr said the central bank still had some work to do, but that the tightening cycle was reasonably far along. Following in his footsteps are "As of right now, the worldwide economy is a tough place to be. The crisis in Ukraine and other issues in Europe and China are obvious examples." During an interview with New Zealand's government-run TVNZ, Grant Robertson, the country's finance minister, reportedly made the following remarks, as reported by Reuters.

 

The AUD/NZD bulls appear to be facing the strongest pressure from apprehensions about the European energy crisis and China's zero-covid policy. The World Bank's (WB) gloomy economic forecasts for China and allegations that the dragon nation invited important market players to safeguard stocks revealed cracks in the economy of Australia's biggest customer.


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