Forex – Aussie edges higher, kiwi declines ahead of Fed meeting

June 14, 2016
By - – The Australian edged higher against its U.S.
counterpart on Tuesday, while the New Zealand dollar declined as
markets were jittery ahead of the Federal Reserve policy meeting
due to begin later in the day.

AUD/USD edged up 0.11% to 0.7396.

Markets seem to have pushed back expectations on the timing of
the next rate hike by the U.S. central bank after a dismal U.S.
employment report for May, which showed the slowest rate of jobs
growth since September 2010.

In a speech last week, Fed Chair Janet Yellen indicated that
interest rates won’t rise until uncertainty over the economic
outlook is resolved.

Earlier Tuesday, the National Australia Bank said its business
confidence index fell to 3 in May from a reading of 5 the previous

NZD/USD declined by 0.42% to trade at 0.7032, the lowest since
June 9.

Meanwhile, market sentiment remained under pressure as downbeat
data from China and uncertainty over the upcoming Brexit vote
continued to weigh.

On Monday, data showed that Chinese growth in fixed-asset
investment fell below 10% for the first time since 2000 in the
January to May period.

The U.S. dollar index, which measures the greenback’s strength
against a trade-weighted basket of six major currencies, edged up
0.12% to 94.53.

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