Kiwi and Aussie ascend ahead of FOMC meeting
On Tuesday, the New Zealand as well as Australian dollars traded higher against their American counterpart after the issue of upbeat trade data from New Zealand and as the US dollar broadly dropped ahead of the Fed’s policy statement due on Wednesday.
The currency pair NZD/USD soared 0.86%, trading at 0.7055, the highest value since July 20.
Statistics of New Zealand told in June, the trade surplus narrowed to about NZ$127 million from NZ$358 million last month, compared to hopes for a trade surplus of NZ$125 million.
The report demonstrated that New Zealand’s exports edged up to approximately $4.26 billion the previous month, while imports dipped to $4.13 billion.
The currency pair AUD/USD soared 0.79%, being worth 0.7528, the highest value since July 19.
Meanwhile, market sentiment on the major American currency weakened ahead of this week’s Fed policy gathering.
Positive American data published the previous week backed expectations for a rate lift by the US major bank in the nearer future.