Aussie and kiwi surge against greenback amid profit-taking

On Monday, the New Zealand and Australian dollars surged against their major American rival, because investors locked in their revenues on the greenback’s recent surge due to high expectations for June’s rate hike by the Fed.      

The currency pair AUD/USD went up 0.36%, trading at 0.7249, compared to last week’s two-an-a-half month minimum of 0.7172.  

The US dollar managed to strengthen broadly right after the Fed’s April gathering minutes issued on Wednesday. The given minutes indicated that interest rates could edge up in June.   

Officials reported that June’s rate hike would appear to be appropriate if the US economic data indicated that growth regaining during the second quarter, while inflation and employment were firming.

As for NZD/USD, this currency pair dared to advance 0.74%, trading at 0.6805, thus pulling away from last week’s two-month dip of 0.6707.     

The US dollar index, gauging the evergreen buck’s strength against key six currencies dropped 0.13%, trading at 95.17, having hit three-week peaks of 95.51 on Friday.


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