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Aussie and Kiwi trade lower against stronger greenback

On Thursday, The Australian as well as New Zealand dollars slumped against their American counterpart, as demand for the US dollar remained backed by growing hopes for an American rate lift before the end of the year.

The currency pair AUD/USD descended 0.56%, reaching 0.7580, the lowest value since September 21.

The US dollar remained under support after the Institute of Supply Management informed on Wednesday that its non-manufacturing purchasing manager's index edged up to an 11-month peak of 57.1 the previous month from 51.4 in August.

Experts had hoped the index would soar to 53.0.

Besides this, a payroll processing firm ADP announced that non-farm private employment ascended by 154,000 the previous month, below forecasts for a surge of 166,000.

Investors were focusing on Friday’s American nonfarm payrolls report for further clues on the strength of the job market, because the Fed has indicated that future interest rate decisions are going to be data-dependent.

The currency pair NZD/USD lost 0.21% at 0.7158.

 

 

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