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1 Sep 2015
AUD/NZD falls below 1.1100 as aussie weakens
FXStreet (Córdoba) - AUD/NZD continued to slide during the European and the American session and recently printed a fresh daily low at 1.1087.
The pair broke below 1.1100 after the GlobalDairyTrade Index showed a gain of 10.9%. The recovery in dairy prices gave support to the kiwi. The index rose sharply at the latest two auctions.
AUD/NZD erased Monday’s gains
The pair surged yesterday when it rose from 1.1080 and peaked at 1.1260. Then pulled back modestly, and attempted to rally again above 1.1200 after the decision and the statement of the Reserve Bank of Australia but momentum lasted just a few minutes and it resumed the decline.
The pair accelerated the decline afterwards and continues to do it during the NY session, weakened by the aussie, that among the most traded currencies is the worst performer, affected by risk aversion and weak Chinese economic data.
From yesterday’s highs it dropped 175 pips and is back to the level it closed on Friday, moving toward Monday’s lows that lie at 1.1035/40.
The pair broke below 1.1100 after the GlobalDairyTrade Index showed a gain of 10.9%. The recovery in dairy prices gave support to the kiwi. The index rose sharply at the latest two auctions.
AUD/NZD erased Monday’s gains
The pair surged yesterday when it rose from 1.1080 and peaked at 1.1260. Then pulled back modestly, and attempted to rally again above 1.1200 after the decision and the statement of the Reserve Bank of Australia but momentum lasted just a few minutes and it resumed the decline.
The pair accelerated the decline afterwards and continues to do it during the NY session, weakened by the aussie, that among the most traded currencies is the worst performer, affected by risk aversion and weak Chinese economic data.
From yesterday’s highs it dropped 175 pips and is back to the level it closed on Friday, moving toward Monday’s lows that lie at 1.1035/40.