AUD/NZD Daily Fundamental Analysis for May 30, 2011

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By ForexMansion.com

The AUD/NZD pair drooped sharply last week, as the New Zealand dollar rallied versus the greenback. On the other hand, the Australian dollar increased gradually against the dollar, which opened the door for the AUD/NZD pair to record more lows.

The New Zealand dollar will continue its upside movement as the New Zealand economic recovery is expected to continue to strengthen. Furthermore, the Kiwi finds enough support from the market risk appetite after the U.S. dollar retreated against high yielding currencies.

Also the Aussie was affected by slowing Chinese manufacturing as the Chinese market is the largest for Australian products, which pushed Aussie to decline against the greenback.

At 22:45 GMT (Sunday) the New Zealand economy will release the trade balance for April, which showed a surplus by NZ$464 million in March, the NZ trade balance has a heavy impact on the market movement. The trade surplus is expected to expand in April as demand for New Zealand exports continued to rise. Exports rose to NZ$4.53 billion in March, while imports rose to NZ$4.07 billion.

The annualized New Zealand money supply M3 the 12 month ended April will be release at 03:00 GMT, where the prior jumped 5.6%.

The Australian economy is to start the week at 01:30 GMT with the company profits index for the first quarter of the year, which dropped by 2.8% a quarter earlier, also Australia will release the AUD inventories (1Q) that inclined 0.7% in the fourth quarter of 2010. 

Originally posted here

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