The pair rebounded up again after it witnessed bearish movements throughout the week, following the Australian dollar’s climb to its highest level in record against the U.S. dollar and yen; prompting the pair to rise. On the other hand, the absence of important economic data for New Zealand’s economy drove the pair to move according to the Australian dollar.
The Reserve Bank of Australia kept interest rates steady at 4.75% due to concerns regarding the negative impact of natural disasters on Australian economic growth rates.On the other hand, unemployment rates in Australia retreated to 4.9% from 5.0% and thus increased demand for the Aussie on expectations of improved outlook for Australian growth.
Moreover, the New Zealand dollar fell against the U.S. dollar, which drove the AUD/NZD pair to the upside, since recent economic data supported the Australian economy; while the absence of economic data for New Zealand reduced momentum for its dollar.
The Australian economy will not release any fundamental data on Friday, since the pair’s movements will be based on the current market sentiment.
Originally posted here
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