Ella 
After the release of Australia’s gross domestic product (GDP) during the Asian session on Wednesday, the AUD/NZD cross instantly rose above 1.0800. AUD/NZD is currently trading around 1.0854, with an intraday increase of 0.12%.
The latest data released by the Australian Bureau of Statistics (ABS) on Wednesday showed that Australia’s gross domestic product (GDP) climbed to 0.4% in the second quarter of 2023 from the previous value of 0.2%, which was better than the expected 0.3%. Gross domestic product came in at an annual rate of 2.1% in the second quarter, compared with 2.3% in the first quarter, which was better than expectations of 1.7%. Elsewhere, Australia’s S&P Global Composite PMI climbed to 48.0 from 47.2, and the S&P Services PMI rose to 47.8 from 46.7.
Following the Reserve Bank of Australia’s interest rate decision on Tuesday, the Reserve Bank of Australia decided to keep the official cash rate (OCR) unchanged at 4.10% at its September meeting. The Reserve Bank of Australia stated that the decision to keep interest rates unchanged will give the Reserve Bank of Australia more time to study the impact of the current interest rate hike and the economic outlook. However, Reserve Bank of Australia Governor Philip Lowe is likely to give some hints on further monetary policy throughout the year in a speech later on Wednesday. A hawkish tone could boost AUD/NZD and become a tailwind for AUD/NZD.
On the other hand, the ANZ Commodity Price Index fell to -2.9% in August from -2.6% in July. Earlier in the week, New Zealand’s terms of trade index rose to 0.4% in the second quarter, compared with a previous reading of a 1.5% drop and expectations for a 1.3% drop.
Looking ahead, a speech by RBNZ Governor Philip Lowe later on Wednesday will be closely watched. Later in the week, New Zealand is to release data on second-quarter manufacturing sales, while Australia is to publish data on the trade balance. Traders will look for AUD/NZD cross trading opportunities from these data.
