Aussie drops, Kiwi stands still

On Wednesday, the Australian dollar dipped against its American counterpart, re-approaching a one-month minimum, while the New Zealand dollar held steady as hopes for an approaching American rate lift kept backing demand for the major American currency.

The currency pair AUD/USD dipped 0.21% to 0.7544, not far from Tuesday’s one-month low of 0.7505.

The greenback was spurred after positive American data on Tuesday powered further optimism as for the strength of the US economy, thus adding to hopes for a rate lift at the Federal Reserve’s December policy gathering.

The US Commerce Department reported that retail sales added 0.8% in October, compared to hopes for a 0.6% surge, while core retail sales, excluding automobile sales, soared by 0.8%.

Aside from that, the Federal Reserve of New York told that its Empire State manufacturing index grew to 1.50 in November from -6.80 last month.

The currency pair NZD/USD almost stood still at 0.7096, close to Monday’s one-month minimum of 0.7064.

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