The pair is trading near its lowest level in 6 weeks, as demand increased for the New Zealand dollar after the bad economic data released by the Australian economy during this week, along with the RBA interest rate decision which did not provide anything new for the markets.
The Australian economy recorded its first trade deficit since almost a year, as well as the Reserve Bank of Australia kept the interest rates steady at 4.75% due to concerns about the negative impact of natural disasters on the Australian economic growth rates. As a result, the Australian dollar lost momentum against its counterpart, the New Zealand dollar.
On the other hand, the NZD witnessed stability in movements against the USD due to the absence of vital New Zealand economical data this week, which shifted the focus to the Australian currency.
The Australian economy continues its releasing for important fundamental data this week, where it will release key data on unemployment rate for the month of March at 01:30 GMT.
Originally posted here
Read more about Forex technical analysis, Forex fundamental analysis and Forex news on ForexMansion.com
