AUD goes up, Kiwi stands still
On Thursday, the Australian dollar dared to strengthen against its number one American counterpart, notwithstanding the issue of quite downbeat Australian business confidence data. Meanwhile, the New Zealand dollar stood still. Both currencies hovered around 10-year peaks, because surging oil backed up the commodity currencies.
The currency pair AUD/USD gained 0.18%, trading at 0.7809, very close to Wednesday’s 10-month high of 0.7829.
On Thursday, the National Australian Bank posted that its business confidence index dipped to 4 in the first quarter compared to the previous value of 5.
NZD/USD slightly fluctuated at 0.6974, staying below Tuesday’s 10-month peak of 0.7056.
As for the commodity currencies, they remained backed up, because oil climbed up to its another peak since November, after on Wednesday the USA reported a lower-than-expected soar in last week’s oil inventories.
Besides this, sentiment on the US dollar turned fragile, because market participants are waiting for new US posts on unemployment claims as well as manufacturing activity in the Philadelphia area.