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Australian Dollar/New Zealand Dollar (AUD/NZD) Exchange Rate
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Following the release of the Australian employment report for January, the Australian Dollar regained stability with a bullish bias.
Following the Reserve Bank of New Zealand’s decision to keep interest rates unchanged at 1.00% yesterday, together with the assessment of the economic impact of the coronavirus,
Australian economic data showed an unexpected increase in imports, which resulted in a smaller than forecasted trade surplus for December.
With the coronavirus causing more deaths, and disruptions to the supply chain, the global economy is expected to feel a considerable impact.
Australian consumer inflation expectations surged to 4.7% in January.
After the US and China signed the phase-one trade truce, where China pledged to purchase $200 billion worth of goods over the next two years, the market reaction was muted.
Tensions between the US and Iran appear to be easing for now, and traders will be able to pay closer attention to fundamentals.
Bullish momentum is on the rise after price action in the AUD/NZD was able to ascend above its support zone.
With the Fibonacci Retracement Fan closing the gap to the support zone, and the AUD/NZD caught in between, pressures for either a breakout or breakdown are on the rise.
After the release of third-quarter GDP data out of New Zealand, which surprised to the upside on a quarter-over-quarter comparison, the New Zealand Dollar briefly spiked.
Australian consumer inflation expectations for December remained elevated and gave the Reserve Bank of Australia another reason to remain on the sidelines.
Australian retail sales for October disappointed and exports for October unexpectedly plunged, confirmed that global trade remains weaker than what markets have priced in.
This morning’s Australian economic data showed an unexpected contraction in private capital expenditure for Q3, and Q2 was revised down to show a bigger contraction
Bullish momentum started to accelerate after this currency pair reached its support zone which halted the corrective phase in the AUD/NZD
A combination of fundamental developments has caused a violent sell-off in the AUD/NZD.
Financial markets started to stutter as delays in the US-China phase one trade truce have increased fears that severe issues remain, even on the parts which analysts claimed were the easiest to accomplish
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A breakout above its short-term resistance zone was not sustained and the AUD/NZD quickly reversed back into its support zone from where the advance originated.
Following the release of the Australian employment report, which came in roughly in line with expectations, the Australian Dollar drifted to the downside.
Mid-level trade talks between the US and China are on their way in Washington today which will be followed by high-level negotiations tomorrow.