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Aussie and kiwi descend against greenback

The Australian and New Zealand dollars slumped against their major US counterpart, because comments by Janet Yellen, Fed Chair powered the greenback, while dropping oil also weighed on the commodity currencies.    

The currency pair AUD/USD went down 0.29%, trading at 0.7160, near last week’s almost three-month minimum of 0.7142.

The evergreen buck strengthened when Janet Yellen, Fed Chair told on Friday that it would be a good move for the US major bank to lift rates cautiously and gradually in the nearer future if the US economy as well as the labor market gain as expected.    

The evergreen buck was also driven after the US Commerce Department posted on Friday that GDP went up at an annualized rate of 0.8% for the three months to March, which is higher than the expected estimate of 0.5%.

In Australia, Monday’s data showed that company operating profits sagged by 4.7% in the first quarter, compared to expectations for a 0.1% surge and after a 2.8% dip in the three months to December.

The currency pair NZD/USD tumbled 0.33%, trading at 0.6682. 

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