Aussie and kiwi soar vs. greenback in late trade
On Tuesday, the Australian and New Zealand dollars dared to go up against their primary American counterpart following positive business confidence data from Australia as well as higher crude prices ensured support to the commodity currencies.
The currency pair AUD/USD soared 0.70%, hitting 0.7587, thus showing the highest reading since June 24.
The National Australia Bank told that its business confidence index surged to 6 in June from a reading of 3 last month.
As for commodity currencies, they were also driven as crude prices managed to regain some ground on Tuesday due to supply disruptions in Iraq.
Another currency pair NZD/USD edged up 0.68%, trading at 0.7269, quite close to Friday’s 14-month peak of 0.7310.
Meanwhile, the evergreen buck weakened modestly as market participants were busy with digesting last week’s upbeat American employment data and also started focusing on upcoming major bank gatherings.