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AUD/NZD gains ground on robust Australian data, markets digest NZ tax relief

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AUDNZD,Currencies

The AUD/NZD was seen trading higher during Thursday's session as markets digested mid-tier Australian data and a fresh fiscal policy from New Zealand.

The AUD/NZD rebounded to a high of 1.0840 after dipping to 1.0815 on Wednesday. Strong data from Australia following the report of hot inflation figures reported at the beginning of the week benefited the AUD. New Zealand's newly announced tax cut policy may delay the RBNZ's rate cuts. The AUD/NZD was seen trading higher during Thursday's session as markets digested mid-tier Australian data and a fresh fiscal policy from New Zealand.

The odds of a cut in November fell slightly but remain priced at around 70%. AUD/NZD technical analysis On the daily chart, the Relative Strength Index remains in negative territory, indicating a firm downtrend. The persistent rise of the red bars of the Moving Average Convergence Divergence histogram further solidifies this downward momentum.

 

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