1 Dec 2014
AUD/NZD supply leading the cross to fresh lows
FXStreet (Guatemala) - AUD/NZD is trading at 1.0829, down -0.26% on the day, having posted a daily high at 1.0860 and low at 1.0816.
AUD/NZD is a losing battle as the Aussie takes the brunt of the sell off in the commodity currencies. The catalyst early on has been the Gold price and the extension of last week’s supply and unwinding in the oil market. However, the price remains with the 1.08 handle but pressures the support at 1.0820 marking the lowest levels since the summer of this year.
The risk ahead remains with the unwinding of commodities as European and US markets return from the weekend and US holidays while from the data front, it is a relatively quiet week ahead for the pair now that the Chinese manufacturing disappointments are 0ut of the way and the greenback is likely to remain in the driving seat.
AUD/NZD is a losing battle as the Aussie takes the brunt of the sell off in the commodity currencies. The catalyst early on has been the Gold price and the extension of last week’s supply and unwinding in the oil market. However, the price remains with the 1.08 handle but pressures the support at 1.0820 marking the lowest levels since the summer of this year.
The risk ahead remains with the unwinding of commodities as European and US markets return from the weekend and US holidays while from the data front, it is a relatively quiet week ahead for the pair now that the Chinese manufacturing disappointments are 0ut of the way and the greenback is likely to remain in the driving seat.