Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - Kiwi, Aussie move higher ahead of FOMC meeting

Published 07/26/2016, 02:25 AM
Updated 07/26/2016, 02:25 AM
Kiwi and Aussie gain ground as greenback weakens before Fed meeting

Kiwi and Aussie gain ground as greenback weakens before Fed meeting

Investing.com - The New Zealand and Australian dollars were higher against their U.S. counterpart on Tuesday, after the release of positive trade data from New Zealand and as the greenback broadly weakened ahead of the Federal Reserve’s policy statement due on Wednesday.

NZD/USD climbed 0.86% to 0.7055, the highest since July 20.

Statistics New Zealand said the trade surplus narrowed to NZ$127 million in June from NZ$358 million the previous month, compared to expectations for a trade surplus of NZ$125 million.

The report showed that New Zealand’s exports rose to $4.26 billion last month, while imports fell to $4.13 billion.

AUD/USD advanced 0.79% to trade at 0.7528, the highest since July 19.

Meanwhile, sentiment on the greenback weakened ahead of this week’s Fed policy meeting.

Upbeat U.S. data released last week supported expectations for a rate hike by the U.S. central bank in the near future.

While most investors expect the Fed to leave its monetary policy unchanged this week, it could give hints on the timing of future rate hikes.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.26% to 97.03, pulling away from Monday’s four-month highs of 97.62.

Latest comments

The
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.