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Kiwi and Aussie climb up on upbeat data

On Tuesday, the New Zealand and Australian dollars edged up against their major American counterpart, driven by the issue of positive data from both New Zealand and Australia, though hopes for an American rate lift this summer kept backing up the evergreen buck.   

The currency pair AUD/USD gained 0.86%, being worth 0.7244, the highest value since May 23.

On Tuesday, the Australian Bureau of Statistics informed that building approvals soared by 3.0% in April, thus ruining hopes for a 3.0% dive. In March, building approvals went up by 2.9%.

A separate post unveiled that Australian current account deficit managed to narrow to A$20.8 billion in the first quarter right from A$22.6 billion in the previous year’s fourth quarter.

Financial experts had expected the current account deficit to narrow to approximately A$19.5 billion in the last quarter.

As for the currency pair NZD/USD, it ascended 0.45%, trading at 0.6725.

Apart from that Tuesday’s data disclosed that in May, the ANZ business confidence index for New Zealand soared to 11.3 from a reading of 6.2 last month.

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