The Australian and New Zealand dollars started the week on a steady note. However, traders should prepare for volatility as major central banks announce policies. The Australian February labor report and New Zealand’s Q4 GDP data will also shape market sentiment.
Both currencies have been resilient despite global uncertainties. On Monday, the Australian dollar (AUD) traded at $0.6335, while the New Zealand dollar (NZD) stood at $0.5759. These gains followed a stabilization in U.S. stock markets, supporting risk-sensitive assets.
The U.S. dollar has remained wobbly, preventing further declines in Australian and New Zealand dollars. Market concerns over slowing U.S. growth and trade policies have added pressure on the greenback. According to Richard Franulovich, Westpac's head of currency strategy, the Australian dollar has been testing resistance at $0.6333/35. He expects a potential breakout early this week.
The week is packed with key central bank meetings. The U.S. Federal Reserve, the Bank of Japan, and the Bank of England will all decide on interest rates. While no major policy shifts are expected, their outlook on recession risks in the U.S. could drive forex movements.
Chinese policymakers are also set to introduce economic support measures. The latest data showed slight growth in Chinese retail sales in February. These developments may impact both Australian and New Zealand dollars, as China is a significant trading partner.
Traders will closely watch Australia’s labor market data and New Zealand’s Q4 GDP figures on Thursday. Strong data could provide further support for both currencies.
The Australian and New Zealand dollars pair has been under pressure, falling to a three-month low of NZ$1.0982. This drop below the 200-day moving average reflects growing investor confidence in the kiwi, supported by expectations of Chinese stimulus.
The forex market remains unpredictable as investors react to global events. Traders should stay updated with the latest economic releases and central bank statements.
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The Australian and New Zealand dollars face a volatile week with central bank decisions and key economic data. Stay updated on forex trends!
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