AUD/USD & NZD/USD Slide as RBNZ Signals Dovish Path; USD/INR Falls on RBI Action

The Asia-Pacific FX session saw notable divergence, with AUD/USD and NZD/USD declining while USD/INR came under pressure from active central bank intervention. The New Zealand dollar weakened after the RBNZ signaled that inflation is returning to target with no preset policy path, reinforcing dovish expectations that weighed on NZD crosses. The Australian dollar also fell, with Westpac warning that Australia's headline unemployment rate masks underlying soft demand and declining labor force participation, raising concerns about economic resilience. Meanwhile, the Reserve Bank of India was reportedly selling USD/INR to support the rupee, providing a floor for INR. In commodities, Goldman Sachs issued a bullish gold forecast targeting $5,400/oz by end-2026 on strong demand, a factor that could indirectly support commodity-linked currencies longer term. Adding to broader macro concerns, Mohamed El-Erian flagged private credit fund redemption freezes as a potential systemic risk signal. ECB President Lagarde reaffirmed her intent to complete her term amid succession speculation. Traders should monitor RBNZ and RBA policy signals closely for further directional cues in Antipodean pairs.