Australia and New Zealand dollars steady as markets await RBNZ interest rate decision

Australian and New Zealand Dollars Steady Amid Holiday Lull

Trading activity for both the Australian and New Zealand dollars remained subdued on Monday due to market holidays, with investors turning their attention to the upcoming policy announcement from New Zealand’s central bank later in the week.

The Australian dollar inched up by 0.1% to reach $0.7082, building on last week’s 0.8% increase and marking its fifth consecutive week of gains. The currency faces resistance at its recent three-year high of $0.71465, just below the 2023 peak of $0.7158.

Meanwhile, the New Zealand dollar held steady at $0.6035 after a 0.3% rise the previous week. Key support is seen at $0.5920, while resistance stands at its recent high of $0.60925.

Investors are now awaiting the Reserve Bank of New Zealand’s first policy meeting of the year for further direction on interest rates.