The Asian trading session today is full of fluctuations, where most of the major Asian currencies were trading negatively, where a huge data was issued today by New Zealand, Japan and Australia that affected the trading session.
The Reserve Bank of New Zealand kept the interest rates unchanged at its record low of 2.5 percent, as a result for weak economic growth that eased the inflation pressure, yet the New Zealand dollar fell, yet the governor Alan Bollard said that the sustained strength in the New Zealand dollar would reduce the need for further increases in the cash rate.
As, the NZ dollar fell directly after the RBNZ's governor announcements , and It bought 81.64 U.S. cents from 81.95 cents immediately before the statement
Moving to Japan, where the Japanese economy contracted less than the government's initial estimate last quarter, improving prospects for the recovery from last year's earthquake. As, the nation's gross domestic product shrank an annualized 0.7% in 2011's fourth quarter, compared with a preliminary estimate of a 2.3%, yet it missed expectations of 0.6% contraction.
As, the Japanese yen has weakened since the BOJ announced extra stimulus and set an inflation goal, and it's currently trading at 81.16 per dollar.
Moving to Australia, where the Australian bureau of statistics issued February's employment change, where it retreated by -15.4 thousand jobs, compared with the prior reading of 46.3 thousand jobs, which was revised to 46.2 thousand jobs, also it missed expectations of 5.0 thousand jobs.
As, the Australian Dollar dropped today, as aussie fell versus the U.S. dollar; the pair reached its highest level in today's trading session at 1.0589 and reached its lowest level at 1.0531, while it is currently trading around 1.0555.
Heading to Europe, where it has important data to be released today, as the United Kingdom will release March's rate decision along with the BoE asset purchase, also the euro zone will announce March's interest rate, yet Switzerland will issue February's CPI data.