Forex: Antipodean AUD & NZD currencies softer for the week
FXstreet.com (Barcelona) - With the chit chat about the US 'fiscal cliff' going on, now with Speaker Boehner saying there has not been progress on fiscal cliff negotiations in last 2 weeks, and increasing odds for a RBA rate cut next week, AUDUSD is trading near weekly lows last at 1.0428, down from yesterday's highs at 1.0480.
Although slightly more positive, NZDUSD has also turned negative for the week at 0.8228, but not as much as the Aussie, -0.13% vs -0.32%, thus AUDNZD cross going lower as well, last at 1.2678, near 3-week lows printed yesterday at 1.2657.
Recent Australia data on private sector credit worse than expected, add to the RBA cut case, already above a 75% odds of occurring, according to futures. In any case, current 5-year lows volatility makes the pairs not to move much, and so far AUDUSD is trapped inside a 15 pip range for the session being. China PMI data over the weekend will come as next key risk event ahead of RBA meeting Tuesday, along with Aus retail sales on Monday.
Although slightly more positive, NZDUSD has also turned negative for the week at 0.8228, but not as much as the Aussie, -0.13% vs -0.32%, thus AUDNZD cross going lower as well, last at 1.2678, near 3-week lows printed yesterday at 1.2657.
Recent Australia data on private sector credit worse than expected, add to the RBA cut case, already above a 75% odds of occurring, according to futures. In any case, current 5-year lows volatility makes the pairs not to move much, and so far AUDUSD is trapped inside a 15 pip range for the session being. China PMI data over the weekend will come as next key risk event ahead of RBA meeting Tuesday, along with Aus retail sales on Monday.
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