- The AUD/NZD pair is struggling to develop momentum as the Antipodeans both sink.
- New Zealand economic data is 0-for-2 in the back half of the trading week as NZ PMI declines.
- Early Friday sees RBA Monetary Policy Statement release, set to confirm dovish stance.
The AUD/NZD has fallen back into the 1.080 region as the Aussie (AUD) wins the slow race between itself and the Kiwi (NZD) for weakest links in Thursday trading, with both currencies either declining or seeing all gains erased on the day.
The Aussie slid into a three-week low against the Kiwi heading into the Friday trading session, and the AUD has closed in the red for five of the last six consecutive trading days.
Australia: RBA is seen keeping rates unchanged in December – UOB
After the Reserve Bank of Australia (RBA) struck a dovish tone at their last meeting despite delivering a 25 basis point rate hike, Aussie traders are racing each other to the exist as the Australian central bank looks set to grapple with a weak economic outlook for the immediate future. The RBA stood pat on interest rates for the previous four consecutive meetings, and concerns are rising that even with the weak economic outlook, the RBA isn't doing enough to effectively combat inflation that keeps proving stickier than the central bank is willing to accept.
On the Kiwi side, NZ Purchasing Managers' Index figures for October continued to decline, printing at 42.5 compared to September's showing of 45.3 as operators expect worsening economic conditions moving forward.
New Zealand Business PMI eases to 42.5 in October vs. 45.3 prior
The RBA is set to release their latest Monetary Policy Statement, which will do little for AUD investors but highlight the Australian central bank's dovish stance.
AUD/NZD Technical Outlook
The Aussie-Kiwi pairing has tumbled back into the bearish side of the 200-day Simple Moving Average (SMA) and the 50-day SMA is cycling close by, adding technical resistance from Thursday's peak bids near 1.0810.
Further downside will see the pair set for an extension into October's low bids near 1.0640, and there's little technical support to provide the AUD need lift in the chart paper if bears continue to apply pressure.
Australian Dollar price this week
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies this week. Australian Dollar was the weakest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.59% | 1.23% | 1.07% | 2.34% | 1.22% | 1.74% | 0.43% | |
| EUR | -0.59% | 0.65% | 0.48% | 1.74% | 0.63% | 1.13% | -0.16% | |
| GBP | -1.25% | -0.67% | -0.17% | 1.11% | -0.02% | 0.49% | -0.82% | |
| CAD | -1.08% | -0.49% | 0.17% | 1.26% | 0.14% | 0.65% | -0.66% | |
| AUD | -2.39% | -1.78% | -1.14% | -1.28% | -1.15% | -0.61% | -1.95% | |
| JPY | -1.24% | -0.64% | -0.20% | -0.14% | 1.11% | 0.47% | -0.78% | |
| NZD | -1.76% | -1.15% | -0.49% | -0.66% | 0.61% | -0.52% | -1.32% | |
| CHF | -0.44% | 0.16% | 0.81% | 0.64% | 1.90% | 0.78% | 1.30% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
AUD/NZD Daily Chart
AUD/NZD Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD climbs to daily tops near 1.0840 post-NFP
The selling bias in the Greenback gathers extra pace on Friday despite the US economy created more jobs than initially estimated in June, lifting EUR/USD to the area of fresh peak near 1.0840.
GBP/USD trespasses1.2800 after encouraging US Payrolls
The continuation of the downward pressure in the US Dollar motivates GBP/USD to extend its recent advance and reclaim the area beyond 1.2800 the figure in the wake of the release of a firm US NFP.
Gold approaches $2,380 on robust NFP data
Gold prices intensifies their bullish stance for the day, rising to the vicinity of the $2,380 region following the publication of the US labour market report for the month of June.
Bitcoin faces second largest liquidation event in history, erasing 25% of Base meme coins’ market cap
Bitcoin on-chain data confirms that the current correction represents the second-largest liquidation event in BTC’s history. Base meme coin market capitalization dipped over 25% in the wake of the market-wide decline in crypto prices.
How the new UK government can tackle the public finances
Britain is waking up to a Labour government for the first time in 14 years, and one that will command a significant majority in the House of Commons. But the honeymoon for incoming Prime Minister Keir Starmer will be short-lived.