11 Feb 2015
AUD/NZD: Pressures are to the downside below 1.0620
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0485 with a high of 1.0508 and low of 1.0483.
AUD/NZD is pressing on to the downside with pressures at the start of the week from 1.0610 down to 1.0550 and drift lower from there onwards to current levels. With an RBNZ in neutral and the RBA leaving the door open for further rate cuts, the Kiwi is better bid overall fundamentally and less subject to southerly price pressures across the commodities sector, albeit has benefitted from a lift in dairy prices recently as being a significant percentage of GDP for the economy.
Data wise, for Australia, there has been a decent consumer confidence in households beating expectations which could bode well going forward with family finances rising 12.4 percent compared to a year ago, so the surprise interest rate cut from the RBA seems to be doing the job when it comes to optimism in the households of the Australian economy. And, there is probably much more to come from Australia tomorrow in the jobs data. While below 1.0620, the cross trades with a bearish bias.
AUD/NZD is pressing on to the downside with pressures at the start of the week from 1.0610 down to 1.0550 and drift lower from there onwards to current levels. With an RBNZ in neutral and the RBA leaving the door open for further rate cuts, the Kiwi is better bid overall fundamentally and less subject to southerly price pressures across the commodities sector, albeit has benefitted from a lift in dairy prices recently as being a significant percentage of GDP for the economy.
Data wise, for Australia, there has been a decent consumer confidence in households beating expectations which could bode well going forward with family finances rising 12.4 percent compared to a year ago, so the surprise interest rate cut from the RBA seems to be doing the job when it comes to optimism in the households of the Australian economy. And, there is probably much more to come from Australia tomorrow in the jobs data. While below 1.0620, the cross trades with a bearish bias.