The AUD/NZD pair continued to decline for the third consecutive day, as kiwi reached its highest level in 4 months against the U.S. dollar. On the other hand, the Australian currency was stable against greenback, which prompted the New Zealand dollar to dominate the movements of the pair.
The Australian dollar lost ground versus U.S. dollar, as gold prices retreated from its historical levels causing the Australian currency to lost momentum against most of its counterparts. The gold is back to trade around 1456.50 levels and expected to drop further during the next period.
The New Zealand economy will attaint a strong push during the next period from higher exports price that will give support the nation’s currency, fueling inflation rates which may increase the RBNZ’s intervention to curb inflation pressures.
The rest of the week has no economic data from New Zealand or Australia, and the pair’s movement is expected to rely on the market sentiment in addition to the performance of each AUD and NZD against the U.S dollar.
Originally posted here
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