By TraderVox.com
\n<\/p>\n
\n\t![\"\"](\"http:\/\/www.tradervox.com\/sites\/default\/files\/images\/Forex-Pairs\/australia_newzeland_globe.jpg\")
Tradervox (Dublin) – The troubles in Europe seem to spillover to the south pacific countries, and despite yesterday’s rally, the kiwi and Aussie has plunged back into declining trend. The Australian dollar has weakened to its lowest this year as Greece status in the 17-nation trading bloc hangs on the balance.<\/p>\n
\n\tThe Aussie is trading at four-month low against the Japanese currency as the Asian stocks continued with their downward trend for almost a week. The kiwi has weakened for the fourth day, despite technical indicators showing the recent decline has been excessive. The decline came after Fonterra Cooperative Group Ltd indicated that the milk export prices have continued to decline and it’s at two-and-a-half-year low.<\/p>\n
\n\tDerek Mumford of Rochford Capital said that the current decline in south pacific dollars is due to the general risk aversion in the forex market. He added that the current trend is not only caused by the Greek situation, but the whole euro-zone situation has added to fears in the regions ability to adhere to austerity measures. He also went ahead to predict that Aussie will drop to as low as 97.50 US cents with in the coming weeks.<\/p>\n
\n\tThe Greek and French elections sparked risk aversion in the market, and this has continued as Greece struggles to form Unity Government. Finance ministers from the region have been meeting to discuss the issue where they have warned that the rescue fund will not be tampered with unless Greece forms a government. The Milk prices have compounded the situation for the New Zealand dollar.<\/p>\n
\n\tThe Australian dollar closed the Asian session 98.92, after it had touched 98.90 US cents, the weakest it has been since December 19. The Aussie was 0.5 percent lower from the close in New York. Aussie slid to 79.39 yen which the lowest since January 17, before it appreciated to 75.50, which was lower than yesterday’s close of 79.67. the kiwi declined 0.5 percent against the dollar to trade at 76.56 US cents after it slid to its lowest since December 20 of 76.48.<\/p>\n
\n\tDisclaimer<\/strong><\/span><\/u> Article provided by TraderVox.com<\/a><\/u><\/strong> By TraderVox.com Tradervox (Dublin) – The troubles in Europe seem to spillover to the south pacific countries, and despite yesterday’s rally, the kiwi and Aussie has plunged back into declining trend. The Australian dollar has weakened to its lowest this year as Greece status in the 17-nation trading bloc hangs on the balance. The Aussie is … <\/p>\n
\n\tTradervox.com <\/span><\/a>is not giving advice nor is qualified or licensed to provide financial advice. You must seek guidance from your personal advisors before acting on this information. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. Opinions expressed at <\/span>Tradervox.com <\/span><\/a>are those of the individual authors and do not necessarily represent the opinion of <\/span>Tradervox.com <\/span><\/a>or its management. <\/span><\/p>\n
\nTradervox.com is a Forex News Portal that provides real-time news and analysis relating to the Currency Markets.
\nNews and analysis are produced throughout the day by our in-house staff.
\nFollow us on twitter: www.twitter.com\/tradervox<\/a><\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"