This morning, the New Zealand dollar is on the back foot after trade balance and current account date slumped more than expected. The NZD/USD is off by 0.17% this morning.
The euro continues to perform well by contrast, with the EUR/JPY up over 1% on the week and the EUR/USD up 0.76%. The pound has generally performed well this week, though has notably lagged the euro, with the EUR/GBP rising.
The AUD/USD is stuck in a range, but the AUD/JPY continues to rise.
Dollar index generally have a negative bias this morning giving dollar pairs a positive bias, with the exception of the Kiwi.
Gold continues to accumulate, rising off the lows.
Coming up today, we have German Buba president Weidmann speaking at 13.00.
BOE governor Carney speaks at 13.15.
At 15.00, we get US existing home sales.
US crude oil inventories are at 15.30.
The New Zealand dollar is pulled back this morning, in line with the medium term trend. The AUD/USD has led the Kiwi lower since October, but yet to reverse.
In this situation, it could pay to follow the longer term trend and bet on further downside for the AUD/USD.