AUD/NZD sees range extension above 1.0950 on solid NZ Trade Balance data – by Sagar_Dua24 RBA AUDNZD RBNZ TradeBalance Inflation
Exports in December month improved to $6.72B versus the former release of $6.34B while Imports trimmed to $7.19B from the prior release of $8.52B. The annual Trade Balance landed at -14.46B against -14.98B released earlier.
For further action, investors will keep an eye on the New Zealand Employment data, which will release on Wednesday. The Employment Change is expected to drop to 0.7% from the former release of 1.3%. While the Unemployment Rate is seen unchanged at 3.3%. The New Zealand economy is failing to generate significant employment opportunities amid higher interest rates by the Reserve Bank of New Zealand .
Apart from that, the labor cost index data will hog the limelight. The employment bills index is expected to escalate to 4.45 from the former release of 3.8%. And, the quarterly data is seen higher at 1.3% against 1.1% in the prior release. An increment in the labor cost might keep inflation pressures toward the hill side as households would be with more liquidity for disposal.
It is worth noting that the New Zealand economy has not shown any sign of inflation softening as the annual Consumer escalated to 7.2% from the consensus of 7.1% on an annual basis and a further extension in the retail demand will escalate the inflationary pressures. On the Aussie front, investors are keeping an eye on Tuesday’s monthly retail sales data, which is expected to display de-growth of 0.3% from the prior release of 1.4%. This might trim troubles for the Reserve Bank of Australia , which is struggling the cap the stubborn inflation in the Australian economy.
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