Aussie and Kiwi rise on oil surge

The Australian and New Zealand dollars edged up, as a soar in crude prices boosted demand for the commodity currencies and upbeat manufacturing activity data in China.

The currency pair AUD/USD grew 0.41%, trading at 0.7411.

Crude prices tacked on over 9% on Wednesday after OPEC members decided to minimize output by 1.2 million barrels per day, thus marking its first production drop since 2008.

Separately, official data revealed on Thursday that China’s official manufacturing purchasing managers’ index rallied to 51.7 in November from the previous month’s outcome of 51.2.

China happens to be Australia’s biggest export partner and also New Zealand’s second biggest export partner.

The currency pair NZD/USD rallied 0.14%, trading at 0.7094.

Meanwhile, the evergreen buck still remained backed by hopes that increased fiscal spending as well as tax cuts under the Trump administration will stimulate economic growth and also inflation.

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