The New Zealand dollar ended the week as the weakest among most-traded currencies. The major reason for the poor performance was a larger-than-expected interest rate cut by New Zealand’s central bank, but risk aversion also played a significant part.
The Reserve Bank of New Zealand surprised markets today, cutting interest rates more than was expected. As a result, the New Zealand dollar sank against almost all of its most-traded rivals. While the currency has trimmed losses by now, it is still trading far below the opening level. Surprisingly, the kiwi managed to gain on the Great Britain pound, which remains under pressure from fears of a hard Brexit.
The New Zealand dollar rose today after the nation’s trade surplus widened unexpectedly last month.
The Australian dollar versus the New Zealand dollar currency pair is caught in between the bullish and bearish plans, with both parties being of equal strength right now.
The Australian dollar vs. New Zealand dollar looks to be poised for a bearish move, even if the descending trend told a different story.
The decline that started around 1.0700 on the Australian dollar versus the New Zealand dollar currency pair looks like it is making the first step towards confirming a weekly major support area.
The Australian dollar versus the New Zealand dollar etched the new high of 2019, and this makes possible even more positive expectations.
The decline of the New Zealand dollar versus the Australian dollar dragged the currency pair at the resistance of an established descending trend.
The New Zealand dollar gained today, joining its Australian counterpart, boosted by positive fundamentals, both domestic and overseas.
The Australian dollar ended the week as one of the weakest currencies on the Forex market despite mild risk appetite, caused by hopes for a positive outcome in the Sino-US trade negotiations that were extended through the weekend.
