4 Jul 2013
AUD/NZD testing the 1.1700 level
FXstreet.com (New York) - The AUD/NZD technical cross has just completed a rebound off of the depths of the 1.1655 region (yesterdays low), edging higher during Asian trading.
Later at 1:30 GMT, Australia is slated to release Building Permits data in the month of May. Early projections are calling for a slight drop, which comes merely one month after steadfast gains.
AUD/NZD notching solid gains
As of Asian trading, the AUD/NZD has found itself trading in positive territory, testing the 1.1700 level in these moments, en route to a +0.23% advance thus far.
AUD/NZD shackled by potential rate cut?
According to the NAB Research Team, “If the RBA deliberated and decided against a rate cut yesterday, presumably something will need to chance between now and August for them to act next month. Next week’s NAB business survey will be relevant here, as too the June employment report, also next week. Either evidence of deteriorating economic conditions, or further softening in underlying inflation pressures, should be needed for a cut.”
Later at 1:30 GMT, Australia is slated to release Building Permits data in the month of May. Early projections are calling for a slight drop, which comes merely one month after steadfast gains.
AUD/NZD notching solid gains
As of Asian trading, the AUD/NZD has found itself trading in positive territory, testing the 1.1700 level in these moments, en route to a +0.23% advance thus far.
AUD/NZD shackled by potential rate cut?
According to the NAB Research Team, “If the RBA deliberated and decided against a rate cut yesterday, presumably something will need to chance between now and August for them to act next month. Next week’s NAB business survey will be relevant here, as too the June employment report, also next week. Either evidence of deteriorating economic conditions, or further softening in underlying inflation pressures, should be needed for a cut.”