AUD/NZD Pulls Back Ahead of Crucial Economic Data

The Australian Dollar has retreated from its July high against the New Zealand Dollar as markets await key economic data and a central bank decision.

Traders are positioning themselves for Australia's first-quarter GDP figures, which are due to be released this week, and the Reserve Bank of New Zealand's monetary policy decision on Wednesday.

A stronger-than-expected GDP reading could reinforce the Reserve Bank of Australia's tightening bias and potentially lift the Australian Dollar. Conversely, a weak number might fuel speculation of rate cuts, pressuring the currency.