AUD/NZD near 1.08 after Weak Construction Data

The New Zealand dollar was higher against the Australian dollar late Wednesday but remained rangebound against its U.S. counterpart.

“We have seen a little bit of strength against the Australian dollar which is lower on a) the back of the weaker Chinese yuan and b) the (Australian) construction data,” Tim Kelleher, head of FX Institutional Sales at ASB Bank, said.

The Australian dollar has been pressured by the weaker yuan over the past several sessions, and weakened further Wednesday on news fourth-quarter total construction fell 1.0% on the quarter while engineering construction was down 0.5%.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.