Australia 1Q Producer Price Index (QoQ) rises to 0.3% vs 0.2%

The AUD/NZD finished the day down 20 pips at 1.2060, which was the lowest daily close since October 2009. The pair is currently down another 20 pips during Asia trade at 1.2040. However, some analysts believe the pair is due for a bounce, and now is good time to cover short positions.