The Australian Dollar to New Zealand Dollar Exchange Rate dropped below 1.05 during yesterday’s local trading session after The New Zealand Statistic’s released the monthly Trade Balance figure.
The result was significantly better than investors were expecting at -213 Million. The previous result had been at -911 Million and the forecast was for -550 Million. Whilst the volatility of the market has certainly slowed with a lack of investors over the festive period the AUD/NZD still lost ground and dropped 0.2% throughout the local trading session and is trading at 1.0506 at 8:00 AM AEST this morning after the offshore trading session’s investors reacted to this figure.
Gross Domestic Product Releases for CAD and USD Beat Expectations
Canada released their Gross Domestic Product (GDP) figure which was expected to be a considerable reduction on the previous months figure at 0.1% from the previous result of 0.4%. The actual result came in better than expected at 0.3%. The Australian Dollar to Canadian Dollar Exchange Rate (AUD/CAD) lost almost half a percent and is currently trading at 0.9415 this morning.
Australian Dollar to US Dollar Exchange Rate (AUD/USD) fall further
The US Released their Final Gross Domestic Product (GDP) figure for the quarter which was at the highest it has been all year with a result of 5.0%. The result is a positive sign for the US economy and investors bought in to the US Dollar, the AUD/USD Exchange rate made further losses throughout the off shore trading session to a low of 80.84 US Cents and is currently trading at 81.03 US Cents, dangerously close to dropping back below 81 Cents.
The remainder of the week is quiet for data with the festive period keeping most countries from any high level data releases and we should expect a relatively quiet session of trading today.