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10 Dec 2014
AUD/NZD dropped to the downside on China
FXStreet (Guatemala) - AUD/NZD is trading at 1.0784, down -0.16% on the day, having posted a daily high at 1.0814 and low at 1.0780.
AUD/NZD has pressed down through the 0.83 handle in an extension of business overnight when the cross hit supply on the spike in European trade. The move lower here is testing support at time of writing at 0.8280/70 after the Chinese data disappointments vs consensus. CPI’s and PPI’s were lower than previous also.
In respect of domestic inputs earlier, Fonterra cut the 2014/15 forecast milk price to NZD 4.70/Kg from NZD 5.30/Kg which has in the broader sense weighed on the bird and outlook while iron ore continues to weigh on the Aussie and continued concerns in Chinas growth pact.
AUD/NZD has pressed down through the 0.83 handle in an extension of business overnight when the cross hit supply on the spike in European trade. The move lower here is testing support at time of writing at 0.8280/70 after the Chinese data disappointments vs consensus. CPI’s and PPI’s were lower than previous also.
In respect of domestic inputs earlier, Fonterra cut the 2014/15 forecast milk price to NZD 4.70/Kg from NZD 5.30/Kg which has in the broader sense weighed on the bird and outlook while iron ore continues to weigh on the Aussie and continued concerns in Chinas growth pact.