5 Mar 2015
AUD/NZD: Moving back onto the 1.03 handle ahead of key data
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0308 with a high of 1.0313 and a low of 1.0291.
AUD/NZD has found support in 1.0280, another record low since the 1985 kiwi float, as noted by analysts at Westpac banking Corporation. From here it comes with a minor bounce back onto the 1.03 handle meeting yesterday's lows.
The cross has been pressured lower and lower from the start of February in an extension of the long term trend. The latest for the pair came with the RBA holding but leaving the door open for further cuts this year which is weighing on the cross. 1.0320 comes as first resitance ahead of 1.0350.
The data ahead for today comes with key events, "Retail sales and trade balance released at 11:30amSyd/8:30am Sing/HK, as highlighted by Sean Callow. "Our forecast for Jan retail sales is 0.3%, slightly below the 0.4% consensus. There are risks to either side", he said. "The weaker AUD should improve competitiveness of domestic merchants and lower petrol prices should also be supportive." We also have RBA's Lowe speaking.
AUD/NZD has found support in 1.0280, another record low since the 1985 kiwi float, as noted by analysts at Westpac banking Corporation. From here it comes with a minor bounce back onto the 1.03 handle meeting yesterday's lows.
The cross has been pressured lower and lower from the start of February in an extension of the long term trend. The latest for the pair came with the RBA holding but leaving the door open for further cuts this year which is weighing on the cross. 1.0320 comes as first resitance ahead of 1.0350.
The data ahead for today comes with key events, "Retail sales and trade balance released at 11:30amSyd/8:30am Sing/HK, as highlighted by Sean Callow. "Our forecast for Jan retail sales is 0.3%, slightly below the 0.4% consensus. There are risks to either side", he said. "The weaker AUD should improve competitiveness of domestic merchants and lower petrol prices should also be supportive." We also have RBA's Lowe speaking.