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Forex – Australia and New Zealand currency pair with calculator

The NZD/USD pair dropped early Monday following Aussie’s steps, as risk aversion returned to control the market movement amid the uncertainty regarding the EU outlook.

The US dollar advanced against other major currencies as a safe haven currency, where the EU leaders’ summit failed to restore confidence in the market, which fueled fears of possible downgrade for the EU countries especially after another warning from Moody’s.

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On the other hand, the Chinese overseas shipments during November showed the weakest exports growth since 2009.

The slowing growth in China reduce demand for the Kiwi, as China is the biggest trade partner for the New Zealand economy which opened the way for the NZD/USD pair to drop with the beginning of the week.

On Tuesday, the United States will release the Advance Retail Sales Index for November at 13:30 GMT where it is expected with 0.6% rise after 0.5%.

The U.S. Business Inventories for October will be released at 15:00 GMT where it’s expected to come at 0.3% from the previous reading of 0.0%.

At 19:15 GMT, the Federal Reserve Bank will announce the Federal Open Market Committee Rate Decision, where the central bank is expected to keep the rate steady near zero.

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