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AUD/USD and NZD/USD Fundamental Weekly Forecast – Australian Dollar: Trump Speech, Consumer Inflation Key Market Movers

Posted by Pip Phenes on

Last week, the Australian Dollar surged against the U.S. Dollar, taking out the September 20 main top at .8102 and the September 8 main top at .8124 before stopping short of its May 4, 2015 main top at .8162 and a long-term 50% level at .8165. There wasn’t any major economic news from Australia last week. All of the price action was driven by a steep plunge in the U.S. Dollar. Higher commodity prices as a result of the weaker Greenback have also added further impetus to the Aussie strength.

The AUD/USD settled at .8108, up 0.0126 or +1.58%.

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Weekly AUD/USD

The New Zealand Dollar finished the week sharply higher despite some strong mid-week volatility, triggered by weaker-than-expected quarterly inflation data. The rally was fueled by the weaker U.S. Dollar.

The NZD/USD settled at .7355, up 0.0082 or 1.12%.

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Weekly NZD/USD

Last week, the New Zealand government reported that growth in its consumer prices unexpectedly slowed in the final quarter of 2017 as a sharp drop in the price of retail goods outweighed the effect of more expensive gasoline and air fares.

The consumer price index increased 0.1% from the previous quarter and 1.6% from a year earlier, Statistics New Zealand said Thursday, following a 0.5% rebound in the third quarter that brought the annual gain to 1.9% on year.

Economists were looking for a 0.4% increase from the previous quarter, and remain steady at 1.9% compared with the previous year.