Aussie and Kiwi edge up vs. greenback amid profit-taking
On Monday, the Australian and New Zealand dollars edged up against their American counterpart, as market participants kept locking in revenues from the greenback’s recent surge.
The currency pair AUD/USD ascended 0.54%, hitting 0.7484, the highest value since November 17.
The major American currency has been broadly backed during recent weeks amid hopes that increased fiscal spending as well as tax cuts under the Trump administration will drive economic growth, to say nothing of inflation.
The evergreen buck has also been powered by the view that a rate lift by the Federal Reserve in December turns to be a near certainty.
American markets were available for only half a day on Friday thanks to the Thanksgiving holiday.
The currency pair NZD/USD edged up 0.71% to trade at 0.7094, which is the highest value since November 17.
The U.S. dollar index, assessing the US dollar’s strength against a trade-weighted basket of six key currencies, dropped 0.49%, being worth 100.98, the lowest result since November 21, and drifted away from Thursday’s 14-year high of 102.12.