Aussie approaches 3-week peaks, Kiwi stands still

On Thursday, the Australian dollar descended against its American counterpart, having hit a three-week peak earlier in the trading session, while the New Zealand dollar was intact following news of an output cap deal struck by key oil producers.

The currency pair AUD/USD dropped 0.26%, hitting 0.7672, just off the three-week high of 0.7711 achieved overnight.

The commodity currency went up earlier after the Organization of the Petroleum Exporting Countries announced it agreed to cut output to a range of about 32.5-33.0 million barrels per day.

It turned to be the first such deal since 2008 and crude prices were also hovering close to three-week peaks following the news.

The currency pair NZD/USD was intact at 0.7279.

Meanwhile, on Wednesday, Federal Reserve Chair Janet Yellen informed Congress that the US major bank doesn’t have a fixed timetable to modify its monetary policy.

She added that continued job creation at its current tempo would make the US economy overheat and, in that case, the Fed could be forced to increase rates faster than expected.

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