Aussie goes up, kiwi drops vs. greenback
On Monday, the Australian dollar soared against its American counterpart, while the New Zealand dollar tumbled because markets were still digesting Friday’s dismal American economic reports.
The currency pair AUD/USD gained 0.17%, trading at 0.7658.
The US dollar weakened broadly after on Friday, the American Commerce Department told that retail sales stood still in July, compared expectations for a 0.4% soar. Core retail sales, excluding automobile sales, dropped by 0.3% in July.
A separate report disclosed that American producer prices dipped by 0.4% the previous month, disappointing hopes for a 0.1% soar. Meanwhile, year-over-year, producer prices slumped by 0.2%.
Besides this, the University of Michigan told its consumer sentiment index ascended to 90.4, from July’s outcome of 90.0. Financial experts had hoped for a greater soar to 91.5.
The gloomy data spurred concerns over the strength of the American economy and dampened hopes for a 2016 rate surge by the Federal Reserve.
The currency pair NZD/USD tumbled 0.36%, trading at 0.7175.