Aussie and kiwi go down on downbeat data

On Wednesday, the New Zealand and Australian dollar edged down against their American counterpart , following the issue of gloomy economic reports from both New Zealand and Australia.   

The currency pair dived 1.64%, trading at 0.7620, the lowest value since April 18.

The Australian Bureau of Statistics reported on Wednesday that in the first quarter the consumer price index dipped 0.2%, on downbeat expectations for a 0.3% surge, after a 0.4% leap in December.     

Then, year-on-year consumer prices surged by 1.3% for the three months, compared to forecasts for a 1,8% surge. 

NZD/USD edged down 0.45%, trading at 0.6867.

New Zealand’s statistics earlier posted that the country’s trade surplus fell in March from NZ$339 million to NZ$117 million. Financial experts had hoped that the trade surplus would widen to about NZ$476 million in March.

However, the US dollar’s revenues were quite limited because traders were cautious ahead of the Fed’s policy statement regarding its upcoming rate hikes.    

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