US: Redbook Index contracted 2.8% MoM

Having already fallen more than 4 cents since mid-March, the AUD/NZD seems due for at least consolidation near-term, perhaps back to a 1.23 handle for a while. However, “the contrasts between the RBAs clear easing bias and the RBNZs steady hand plus the sharp divergence in relative commodity prices suggests ongoing risks to 1.20-1.2100 multi-week.” writes Global FX Strategist Sean Callow at Westpac.