The euro tumbled on Thursday following the publication of some disappointing Eurozone PMIs.
After initially strengthening at the start of the week thanks to an unexpectedly upbeat outlook from the Reserve Bank of Australia (RBA) the Australia dollar was forced lower in the second half of the session due to some disappointing data.
Wednesday saw the release of Australia’s third quarter GDP figures, with a slowing in growth prompting the ‘Aussie’ to trend lower.
Further denting the Australian dollar on Thursday was the publication of Australia’s latest trade balance which showed a sharp decline in the nation’s trade surplus in October.
At the same time it was a relatively quiet session for the New Zealand dollar last week with a rebound in dairy prices being the only real event to directly influence the currency.
Looking ahead, the New Zealand dollar may push higher this week if the currency is able to build off the positive sentiment following the announcement that Adrian Orr will take over a Governor of the Reserve Bank of New Zealand (RBNZ).
Meanwhile, the direction the Australian dollar takes this week is likely to be reliant upon Australia’s latest labour report on Thursday, with the ‘Aussie’ potentially strengthening if employment jumped in November as expected.
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