Aussie and Kiwi edge up with Fed gathering in focus

On Tuesday, the Australian and New Zealand dollars traded higher against the greenback, as sentiment on the US dollar remained quite vulnerable ahead of the Fed policy statement due on Wednesday.

The currency pair AUD/USD ascended 0.11%, trading at 0.7542.

Market participants remained cautious enough with the greenback ahead of the Fed’s monthly policy gathering, set to start later on Tuesday, amid everlasting uncertainty over a probable rate hike.

Aside from that, the minutes of the Reserve Bank of Australia’s September policy gathering stated that interest rates are likely to remain intact in the foreseeable future, so growth remains in line with expectations.

The currency pair NZD/USD tacked on 0.33%, trading at 0.7318.

However, the commodity currencies’ revenues were expected to remain restricted as crude prices moved back lower on Tuesday when Venezuela told that global crude supplies should be dropped by 10% to bring production down to consumption levels, thus sparking fresh supply glut fears. 

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