Aussie and Kiwi drop with American election results on tap
On Tuesday, the Australian as well as New Zealand dollars dipped against their American counterpart, as market participants remained cautious ahead of the American presidential election. Moreover, dismal Chinese trade data weighed.
The currency pair AUD/USD dipped 0.32%, trading at 0.7703, off Monday’s two-and-a-half week peak of 0.7731.
The currency pair NZD/USD sank 0.20%, trading at 0.7328, below the previous trading session’s more than one-month peak of 0.7361.
Elsewhere, Tuesday’s data revealed that in October, China’s trade surplus widened to about $49.06 billion from $41.99 billion last month, thus disappointing expectations for a trade surplus of approximately $51.70 billion.
The report disclosed that China’s imports sagged by an annualized rate of about 1.4% the previous month, while exports sank 7.3%.
China turns to be Australia’s number one export partner and also New Zealand’s second biggest export partner.