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AUD/NZD extended losses, extending Wednesday’s retreat.
AUD/NZD is trading lower, down 0.95% for the week.
Australia’s purchasing managers’ index was mixed, with manufacturing falling further.
AUD/NZD emerged from recent weak consolidation as mixed New Zealand trade balance data focused on weak manufacturing PMIs in Australia’s PMI, leaving AUD/NZD unaffected.
Australia: The S&P Global Manufacturing Purchasing Managers’ Index fell to 48.2 in September, while the Services Purchasing Managers’ Index rose to 50.5
New Zealand’s August trade balance was mixed, with NZD/USD flat above 0.5900
Australia’s purchasing managers’ index data were mixed, with the service sector rising slightly from 47.8 to 50.5. However, the weakness in the manufacturing purchasing managers’ index caused the Australian dollar (AUD) to continue to fall, with the manufacturing purchasing managers’ index further falling from 49.6 to 48.2.
AUD/NZD has fallen below the 200-day simple moving average and is currently peaking around 1.0820.
If AUD/NZD continues to fall, it will test early August lows around 1.0720, while if AUD/NZD rebounds bullishly, it will challenge the recent swing high of 1.0920.
