Aussie hits 3-week peaks, Kiwi hovers near 16-month high

8 September 2016, 16:27
Eko Rediantoro

On Thursday, the Australian dollar surged to three-week peaks against its major American counterpart, after positive Australian trade balance data. Meanwhile, the New Zealand dollar kept hovering close to a 16-month high as market sentiment on the US dollar remained fragile.

The currency pair AUD/USD edged up 0.29%, hitting 0.7694, the highest value since August 18.

Earlier the Australian Bureau of Statistics reported that in July, the trade deficit decreased to A$2.410 billion from A$3.250 billion in June.

Financial experts had expected the trade deficit to edge down to A$2.750 billion in July.

The currency pair NZD/USD ascended 0.19%, being worth 0.7463, which is not far from Wednesday’s 16-month peak of 0.7487.

Meanwhile, market sentiment on the US dollar remained quite vulnerable after dismal American employment data issued last Friday crushed hopes for an upcoming rate lift by the Federal Reserve.

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