A significant upward move can be seen on AUDNZD cross after the data from Asian session. The Australian dollar is the second best performer in G10 after the Japanese yen, while NZD is the second weakest currency, after GBP on the market.
The data about food prices in New Zealand showed a decline in May by 0,5%, after a slight increase of 0,3% in April. The data is important not only because has a huge impact on inflation which is rather low, but has an influence on farmers profits. The decrease of food prices if obviously negative for New Zealand dollar.
In turn, in Australia a report about business from NAB came out mixed. Business conditions was 10 points in May and data from April was revised upward from 9 to 10 points. On the other hand business confidence slightly decreased from 5 to 3 points in May. The report shows that Australian companies are rather satisfied about business conditions, but are cautious about further investments. AUDNZD rises 0,6% on daily basis. The pair has broken a key support of 1,0490-1,0520 recently and the price is struggling in that price as the zone serves as resistance right now.
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