2 Jul 2015
AUD/NZD hovers around 1.14
FXStreet (Mumbai) - The AUD/NZD pair hovers around 1.14 levels after having turned lower from the session high of 1.1429.
Kiwi hammered by a drop in GDP price index
The Kiwi was sold aggressively after the whole milk powder price dropped 10.8% at Fonterra’s Global Dairy Trade Index. The AUD/NZD pair rose to a high of 1.1384 in the previous session. The gains were extended to a high of 1.1429 before falling back to 1.14 levels.
The currency markets now await for the US non-farm payrolls data. The Kiwi is at risk in case of a strong NFP print as it would widen the divergence between the Fed and the RBNZ.
AUD/NZD Technical Levels
A failure to take back 1.14 handle could push the pair down to 1.13 (June 23 high) levels. On the other hand, a break above the daily high of 1.1429 could see the pair rise to 1.15 levels.
Kiwi hammered by a drop in GDP price index
The Kiwi was sold aggressively after the whole milk powder price dropped 10.8% at Fonterra’s Global Dairy Trade Index. The AUD/NZD pair rose to a high of 1.1384 in the previous session. The gains were extended to a high of 1.1429 before falling back to 1.14 levels.
The currency markets now await for the US non-farm payrolls data. The Kiwi is at risk in case of a strong NFP print as it would widen the divergence between the Fed and the RBNZ.
AUD/NZD Technical Levels
A failure to take back 1.14 handle could push the pair down to 1.13 (June 23 high) levels. On the other hand, a break above the daily high of 1.1429 could see the pair rise to 1.15 levels.