Back
17 Dec 2013
AUD/NZD: Slightly rebound from fresh 5-year lows
FXstreet.com (Córdoba) - The AUD/NZD reached a fresh 5-year low on Monday during the European session at 1.0798 but later rebounded and jumped to 1.0850, ending Monday at 1.0820, less than 30 pips below Friday's closing price. The kiwi posted a new gain versus the aussie and the AUD/NZD remains within a strong downtrend.
AUD/NZD perspective
During 2013 so far the AUD/NZD lost 13% of its value, accelerating the decline during December when so far fell more than 350 pips.
Jamie Coleman, US-Lead Editor at FXBeat afirms: “So despite what seems to be a clear near-term advantage for the Kiwi over the Aussie in the very near-term, the fact that the cross has fallen near generational lows provides an opportunity. Do I expect the Aussie to perform gangbusters in 2014? No. I think it will continue to decline. But my guess is the reslilience shown by Kiwi in late 2013 will prove unsustainable as the year wears on”.
Minutes and reports coming from Australia
At 00:30 GMT, the Reserve Bank of Australia will release the minutes of the last meeting, when it decided to keep interest rates unchanged at 2,50%. Before the minutes, Guy Debelle, assistant governor at the RBA will deliver a speech to the Australasian Finance and Banking Conference at Sidney.
AUD/NZD perspective
During 2013 so far the AUD/NZD lost 13% of its value, accelerating the decline during December when so far fell more than 350 pips.
Jamie Coleman, US-Lead Editor at FXBeat afirms: “So despite what seems to be a clear near-term advantage for the Kiwi over the Aussie in the very near-term, the fact that the cross has fallen near generational lows provides an opportunity. Do I expect the Aussie to perform gangbusters in 2014? No. I think it will continue to decline. But my guess is the reslilience shown by Kiwi in late 2013 will prove unsustainable as the year wears on”.
Minutes and reports coming from Australia
At 00:30 GMT, the Reserve Bank of Australia will release the minutes of the last meeting, when it decided to keep interest rates unchanged at 2,50%. Before the minutes, Guy Debelle, assistant governor at the RBA will deliver a speech to the Australasian Finance and Banking Conference at Sidney.