FXstreet.com (London) - The AUD and NZD have both traded tightly in range so far this session, as volumes hit the floor, and ultra thin trade made for very sleepy markets. The pair will usually trade hand in hand, closely correlated due to the strong trade relationship between the respective economies.
Both pairs show only marginal changes against the Greenback, Aussie exactly flat on the open trading at 0.8866 (unchanged) and Kiwi similarly just down 3 pips on the open, quoting at 0.7073.
The respective economies and currencies of the Australasian states have been buoyed by high interest rates, which have made the currencies highly attractive to investor. Both states are expected to reign-in high rates to limit damage to exports.
Range for AUD/USD is the same as the previously reported, 0.8872 and 0.8856, and likewise for NZD/USD, range trading between 0.7080 and 0.7069.