Aussie and Kiwi ascend as greenback pauses
On Wednesday, the Australian as well as New Zealand dollars traded higher against their American counterpart, notwithstanding the issue of dismal Australian data as the US dollar paused after its recent surge to multi-year peaks.
The currency pair AUD/USD earned 0.49%, getting to 0.7438, thus demonstrating the highest result since November 17.
Earlier the Australian Bureau of Statistics reported that construction work done dived 4.9% in the third quarter, compared to hopes for a 1.7% sag.
Construction work done went down by 3.1% in the second quarter, whose figure got revised from a previously evaluated 3.7% dip.
The currency pair NZD/USD grew 0.21%, being worth 0.7078.
The US dollar mildly weakened, though still remained backed by hopes that President-elect Donald Trump’s intention to ramp up fiscal spending and also cut taxes will drive economic growth, not to mention inflation.
Faster growth would bolster inflation, that in turn would enable the major US bank to tighten monetary policy faster than had previously been expected.