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Saturday 21 July 2018
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Forex – Aussie, Kiwi Move Higher After Strong Australian Data

Forex1 hour ago (Nov 02, 2017 03:28AM ET)

© Reuters. Aussie and kiwi climb against greenback in late trade

The Australian and New Zealand dollars moved higher against their U.S. counterpart on Thursday, after upbeat Australian economic indicators and as the greenback weakened ahead of a U.S. tax bill set to be unveiled later in the day.

AUD/USD climbed 0.56% to 0.7720, the highest since October 25.

Earlier Thursday, the Australian Bureau of Statistics said the trade surplus widened to A$1.745 billion in September from A$0.873 billion in August, whose figure was revised from a previously estimated surplus of A$0.989 billion.

Analysts had expected the trade surplus to hit A$1.200 billion in September.

A separate report showed that Australia’s building approvals increased 1.5% in September, beating expectations for a decline of 1.0% and after an uptick of 0.1% the previous month.

NZD/USD advanced 0.52% to trade at 0.6923

Meanwhile, the greenback came under pressure as U.S. lawmakers were set to announce plans for a measure that will seek up to $6 trillion in tax cuts over 10 years.

Also Thursday, U.S. President Donald Trump was expected to nominate Fed Governor Jerome Powell, seen as less hawkish than other candidates, as the next chair of the U.S. central bank.

At the conclusion of its policy meeting on Wednesday, the Fed left interest rates unchanged, as expected, but further added to expectations for a December rate hike by highlighting “solid” economic growth and a strengthening labor market.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.31% at 94.40 by 03:25 a.m. ET (07:25 GMT).

Forex – Aussie, Kiwi Move Higher After Strong Australian Data

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