The AUD/NZD pair retreated slightly with the beginning of the week, as the FOREX market was trading with thin volumes due to holidays in many countries including Australia and New Zealand.
The Reserve Bank of New Zealand will delay raising interest rate till the second half of 2011, as spending and home sales remain weak due to the worst earthquake in 8 decades that hit the economy by the end of last year. Australia is starting to suffer from the currency appreciation and the effect of natural disasters in the region and also crippling its gains.
On Tuesday, the market awaits the Australian Consumer Prices Index (CPI) for the first quarter of the year due for release at 01:30 GMT, which estimated to show an increase by 1.2% from 0.4% a quarter earlier.
The annualized consumer price index will accelerate by 3.0% as expected during the year ending March from 2.7%.
The New Zealand economy will release the NBNZ business confidence for April, which had a previous reading of – 8.7.
Originally posted here
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