AUD/NZD stays below 1.0740 post-Aussie data


  • AUD/NZD consolidates gains in the Asian session.
  • AUD loses track on downbeat economic data.
  • The Kiwi gains on risk-on mood.

AUD/NZD kicks off Tuesday’s morning session on a higher note. The cross-currency pair moves in a range of 1.0725-1.0740.

At the time of writing, the AUD/NZD pair trades at 1.0727, up 0.09% for the day.

The Australian Services PMI for May confirmed a fast-expanding sector and its strongest in 18 years. The data showed prices are still rising, however, wages paid are now rising faster. In another set of data, Aussie Job ads came at a 12 year high, pointing to a continued rapid tightening in the labor market and a steady fall in the jobless rate at 5.5%. The higher readings could increase the inflation expectations.

 The Business Confidence decreased to 20 points in May from 26 points in the previous month. The lower readings dampen the sentiment around the aussie.

On the other hand, Kiwi gained on the home country better economic prospects and outlook. New Zealand’s Prime Minister Jacinda claimed that the New Zealand economy is “ outperforming” Australia economically”. The major difference comes from the unemployment rate. The jobless rate in New Zealand came at 4.7% as compared to 5.5% in Australia.

In addition to that, lower debt levels and a solid 3.5% growth rate across the forecast period are also higher than that of Australia.

Meanwhile, the rating agency S&P has affirmed Australia’s credit rating as  AAA and improved its outlook to ‘stable’. However, the New Zealand ratings were at one notch lower at AA+ and with a ‘stable’ outlook. This could be a limiting factor for the kiwi.

AUD/NZD Additional Levels

AUD/NZD

Overview
Today last price 1.0728
Today Daily Change 0.0006
Today Daily Change % 0.06
Today daily open 1.0722
 
Trends
Daily SMA20 1.0726
Daily SMA50 1.077
Daily SMA100 1.076
Daily SMA200 1.0732
 
Levels
Previous Daily High 1.0761
Previous Daily Low 1.0716
Previous Weekly High 1.076
Previous Weekly Low 1.0611
Previous Monthly High 1.0851
Previous Monthly Low 1.06
Daily Fibonacci 38.2% 1.0733
Daily Fibonacci 61.8% 1.0744
Daily Pivot Point S1 1.0705
Daily Pivot Point S2 1.0688
Daily Pivot Point S3 1.066
Daily Pivot Point R1 1.075
Daily Pivot Point R2 1.0778
Daily Pivot Point R3 1.0795

 


 

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