Investing.com – The Australian dollar held steady against their U.S. counterpart on Wednesday, while the New Zealand dollar moved higher as sentiment on the greenback became more vulnerable and as higher oil prices supported the commodity currencies.
edged up 0.08% to 0.7672, close to the previous session’s two-week high of 0.7692.
Investors remained cautious after the U.S. Commerce Department said the rose 0.3% in September, in line with expectations.
Year-on-year, increased 1.5% last month, also in line with forecasts. That was its highest reading since October 2014.
Sentiment on the U.S. dollar was also fragile after Federal Reserve Vice Chairman Stanley Fischer said on Monday that economic stability could be threatened by low interest rates, but it was “not that simple” for the Fed to raise rates.
gained 0.25% to trade at 0.7206, the highest since October 4.
The commodity currencies benefited from rising on Wednesday, after the Organization of the Petroleum Exporting Countries said in a statement that a planned production cut was achievable.
Market sentiment was also boosted by data on Wednesday showing that China’s rose 1.8% in the third quarter, in line with expectations.
Year-on-year, China’s grew 6.7% in the last quarter, also in line with market expectations.
China is Australia’s biggest export partner and New Zealand’s second biggest export partner.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 97.90, still close to Monday’s seven-month high of 98.15.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source : All News