Aussie goes up, kiwi tumbles in late trade
On Monday, the Australian dollar went up against its American rival, while the New Zealand dollar slumped as Friday’s positive American data kept powering the greenback.
The currency pair AUD/USD ascended 0.23%, trading at 0.7290, thus easing off Friday’s two-month minimum of 0.7250.
The evergreen buck gained support after the US Commerce Department told on Friday that retail sales leapt 1.3% in April, thus surpassing experts’ expectations for a 0.8% surge. It appeared to be the greatest soar Since last year’s March.
Apart from that, in May, the preliminary reading of the University of Michigan’s index of consumer sentiment was 95.8 compared to April’s 89 outcome and even surpassing expectations of 90. It turned out the highest reading since last year’s June.
The positive data eased worries regarding the outlook for American economy and powered expectations that the Fed could increase interest rates sooner than expected.
The currency pair NZD/USD dropped 0.13%, trading at 0.6775.