New Zealand dollar rises as cigarette prices push March inflation higher
The New Zealand dollar rose slightly after the country published its first-quarter inflation figures. Figures showed that higher cigarette prices and rents pushed annual inflation to 2.5% from the previous 1.9%. This number was higher than the 2.1% that traders had expected. Headline CPI rose 0.8% on a quarterly basis. These numbers come at a time when the state is considering lifting coronavirus restrictions.
AUD / USD
The AUD/USD pair is unchanged today and is trading at 0.6345, the high of last week's low of 0.6263. The price is also lower than last week's high of 0.6445. On the hourly chart, the current price has consolidated along the 100 and 25 day exponential moving averages. The price is slightly along the 61.8% Fibonacci retracement level. It also formed a symmetrical triangle pattern. Therefore, the pair may break in either direction today.
NZD / USD
The NZD/USD pair rose slightly as investors reacted relatively poorly to New Zealand's CPI. The pair rose to a high of 0.6022, which was just above the day's low of 0.6000. Price is along the 50% Fibonacci retracement level on the hourly chart. It is also slightly above the 25-day and 14-day exponential moving averages. Therefore, the pair may continue to rise as New Zealand begins to ease the coronavirus lockdown.
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