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Aussie and kiwi dip vs. stronger greenback

On Monday, the Australian and New Zealand dollars edged lower against their number one American counterpart, as the US dollar remained backed by Friday’s positive American employment data and lower crude prices kept weighing on the commodity currencies.    

The currency pair AUD/USD slumped 0.20%, hitting 0.7556, off two-and-a-half week peak of 0.7576 achieved overnight.

The Labor Department posted on Friday that the previous month the American economy gained up to 287,000 jobs, well above the 175,000 jobs forecast by financial analysts.

Average hourly earnings ascended 2.6% compared with last year’s reading.

However, the report also revealed that the unemployment rate grew 4.9% and May’s payrolls figure got revised down to 11,000 from the previously reported 38,000, perhaps, the smallest monthly surge since 2010.

The strong jobs report was observed as unlikely to alter the Fed’s cautious plans for lifting interest rates.

The currency pair NZD/USD slumped 0.59%, trading at 0.7266, driving away from Friday’s 14-month peak of 0.7310.

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