Markets remained stable overnight as oil prices dropped 4.7% despite US-Iran tensions. Domestically, soft Australian inflation and a hawkish RBNZ hold caused the AUD/NZD to suffer its largest drop since 2017.
Key Takeaways
- 1.Australian headline inflation surprised to the downside, leading markets to rule out a July RBA rate hike.
- 2.The RBNZ delivered a 'hawkish hold', resulting in a record 1.5% single-day collapse in the AUD/NZD cross.
- 3.Brent crude oil prices fell sharply (-4.7%) despite geopolitical tensions and President Trump downplaying an immediate Iran agreement.
Table of Contents
- Key themes
- Data snapshot
- Financial Markets
- Today's key data and events
- International Data
- Local Data
- Corporate Directory
- Disclaimer
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Authors
Ryan WellsLuci Ellis
Securities
AUD/NZDBrent CrudeSPXOfficial Cash Rate (OCR)
Themes
Central Bank Policy DivergenceUS-Iran Geopolitical Tensions
Regions
Asia PacificNorth AmericaEuropeAustraliaNew ZealandUnited States