The Asian trading session was very cautious today, where most of the major Asian currencies were trading in a narrow range, after the issuance of New Zealand's fourth-quarter GDP.
New Zealand's economic growth slowed in the fourth quarter more than economists expected, as manufacturing and government output retreated, also the nation's currency weakened for a third straight day.
As, the annualized GDP for the fourth quarter, which was expected to expand, it missed expectations of 2.2%, and widened to 1.8%, which is slower than the prior reading of 1.9%.
Starting with the New Zealand dollar, as the New Zealand dollar fell against the U.S. dollar directly after the release of the fourth-quarter GDP data, as the NZD fell to its lowest level in five days to erase its gains during the last period.
As, the NZD / USD recorded its lowest level at 0.8098 after it was traded before at 0.8150 before the data. The New Zealand dollar also fell against the yen to its lowest level in a week to reach 67.51 level after it was traded at the level of 67.90 before the data.
Moving to the AUD, where the Australian dollar rose during March to about the highest level in trade, yet the so-called Aussie moved slightly against the U.S. dollar, and it's currently trading around 1.0449, as it reached its highest level at 1.0459 and lowest at 1.0446.
Moving to the Japanese currency, as the USD/JPY pair is slightly declining, as it is currently trading around 83.40, yet it recorded its highest at 83.45 and lowest at 83.36.
Heading to Europe, as today Europe has an important data to be released, where Switzerland will release February's trade balance, also Germany will issue March's PMI data.