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Last week was a difficult week for the Australian and New Zealand dollars as the pair of them weakened against sterling.
It was a trend that continued into this week, in part as a result of a surprise cut in Australian interest rates. As the central bank tries to fight deflation, they decided to reduce interest rates to 1.75% which led to the Australian dollar losing three cents very quickly. Later today we have the Australian budget which is likely to be more expansive than usual as there is a forthcoming election.
In addition, we expect to see some movement in the New Zealand dollar due to a number of unemployment data sets being released late in the evening. Either a negative or positive shift in unemployment in New Zealand’s economy will likely cause market fluctuations, though in which direction is directly related to the specific figures that are released.
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