By ForexMansion.com
The Australian dollar fell against the New Zealand dollar with the beginning of the week after the pair succeeded in penetrating the consolidation area to the downside, which gave the New Zealand dollar enough momentum to witness more gains against the AUD.
On the other hand, the high records achieved by the Australian dollar against the U.S. dollar gave investors the impression that the Australian dollar gains will stop soon, increasing demand for New Zealand against the Australian dollar.
New Zealand’s dollar rose versus its majors as prices for commodities advanced, which account for a majority of the nation’s shipments, increasing the demand for the New Zealand currency.
The Australian economy will issue a number of important economic data on Tuesday, where the trade balance for the month of February will be released at 01.30 GMT and expected to show surplus of A$1200 million compared with the pervious surplus of A$1875 million; also the Reserve Bank of Australia will release its decision about the benchmark interest rate for April, where the bank is expected to keep the rates steady at 4.75%, which could have a huge impact on the pair that may push the AUD to increase against the NZD.
Originally posted here
