- The NZD/AUD pair sets a fifth consecutive day of gains and stands in the overbought area.
- RBA surprised the markets by announcing a 25 bps hike to the 4.10% level.
- Australian bond yields give traction to the Australian Dollar.
The NZD/AUD gained more than 60 pips closing at 1.0975 on Tuesday following the Reserve Bank of Australia (RBA) decision which exceeded economist expectations. In that sense, the main reason for the Aussie’s upward trend is the rise in Australian bond yields. For Wednesday’s session, eyes will be on RBA Governor Lowe’s speech and Q1 GDP data from Australia.
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