ANZ Macro Daily(Beta Mode)
NZ Labour Data Looms as RBA Holds at 4.35%
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| ASX 200 | 9,019.30 | +0.47% |
| NZX 50 | 13,903.46 | +0.93% |
| AUD/USD | 0.70 | +0.04% |
| NZD/USD | 0.59 | -0.05% |
| AUD/NZD | 1.20 | +0.08% |
| BHP | 60.52 | -0.33% |
| Gold | 4,136.40 | +2.55% |
| Brent Crude | 79.47 | -5.13% |
| Bitcoin | 64,166.09 | +1.11% |
| Australia 10Y Govt Yield | 4.83% | -3.03% |
| NZ Short-term Rate | 4.33% | -9.60% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Australia 10-Year Government Yield | Type: macro_line | Yield (%): 4.831 (2026-06-01) | Range: 1.282–4.982 | Trend(6pt): 1.282,3.696,4.148,4.421,4.982,4.831
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Employment Change Quarter-over-Quarter | 0.20 | 0.20 | 18:45 |
| Unemployment Rate | 5.30 | 5.40 | 18:45 |
| Ai Group Industry Index | -30 | - | 19:00 |
| Trade Balance | -3,018m | -1,100m | 21:30 |
| NAB Business Confidence Index | -5 | - | 21:30 |
| RBA Interest Rate Decision | 4.35 | - | 00:30 |
| Press Conference by RBA | - | - | 01:30 |
- ASX 200 and NZX 50 posted solid gains amid falling yields and rising gold prices.
- New Zealand releases employment and unemployment figures today while Australia publishes Ai Group index.
- RBA cash rate stays at 4.35% and RBNZ OCR at 2.50% with divergent inflation paths persisting.
Yesterday's Recap
Australian and New Zealand equity markets advanced on limited domestic data. The ASX 200 climbed 0.47% to 9,019.30 while the NZX 50 rose 0.93% to 13,903.46. AUD/USD ticked up 0.04% to 0.70 and NZD/USD eased 0.05% to 0.59.
Gold jumped 2.55% to 4,136.40 as Brent crude dropped 5.13% to 79.47. Australian 10-year government yields fell 3.03% to 4.83% and NZ short-term rates declined 9.60% to 4.33%. BHP shares slipped 0.33% to 60.52 despite the broader commodity strength.
The absence of releases left traders focused on global risk sentiment and China trade linkages.
The Day Ahead
New Zealand publishes employment change and unemployment rate at 18:45 ET with consensus forecasts of 0.2% and 5.4% respectively. Australia releases the Ai Group Industry Index at 19:00 ET. Trade balance data for Australia arrives tomorrow at 21:30 ET with consensus pointing to a narrower deficit of A$1.1 billion.
Markets will also monitor any RBA-related commentary ahead of the August 11 decision. Dairy and tourism indicators remain key for New Zealand while iron ore and LNG flows dominate Australian sentiment.
Other Economic Notes
Australia’s commodity export profile continues to hinge on Chinese demand for iron ore, coal and LNG. New Zealand’s dairy and construction sectors face softer external conditions than Australia’s mining base. CPI prints show Australia at 3.75% YoY and New Zealand at 4.06% YoY, keeping real rate differentials wide.
Housing markets in both countries remain sensitive to rate paths and migration flows. China’s growth trajectory stays the dominant external variable for ANZ terms of trade.
Global Macro News
Federal Reserve speakers highlighted ongoing uncertainty around the transmission of policy and the need for data-dependent decisions. ECB President Lagarde reiterated commitment to price stability amid mixed euro-area indicators. Bank of Canada released its Monetary Policy Report with emphasis on supply shocks.
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