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Thursday, May 3, 2012

Australian dollar Vs New Zealand dollar

The Aussie nicely broke a triangle congestion pattern against the Kiwi dollar and after a long spike up retraced half of the movement.
NZD dollar was weakening due to relatively weak data from the labor market; unemployment rate came out at 6.7 % Vs 6.2 % expected, confirming what Central Bank and politicians affirmed last week.
A strong Kiwi dollar is perceived as the major cause of problems for the southern pacific country witch heavily relies on soft commodities and dairies exports, few days ago trading balance also showed a strong contraction for March and for 2012 on the overall.
RBNZ also stated that could intervene to weaken the currency if the situation will require it.


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