Best performer last week keeps on truckin'
The Australian dollar is the top G10 performer today, adding another 30 pips, or 0.4%, to 0.7496.
It's been a quieter day in the FX market but that's usually the kind of day that brings a small retracement. Instead, the Aussie has continued to add to gains despite a mixed picture for risk assets.
In an interesting divergence, the kiwi was the weakest performer today. They normally move together but milk prices are headed in the opposite direction from other commodities at the moment. Fonterra lowered its milk price forecast today while metals are ripping higher.
That's helped lift AUD/NZD to the highest since early December. Technically, a little wedge has given way.
The only people who make AUD/NZD trades are the ones who really love their broker.
