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Forex

Amid profit-taking, Aussie and kiwi up against greenback

forex

The Australian and New Zealand dollars moved higher against their U.S. counterpart on Monday, as investors continued to make profits from the greenback’s recent rally.

AUD/USD climbed 0.54% to 0.7484, the highest since November 17.

The greenback has been broadly supported in recent weeks amid expectations that increased fiscal spending and tax cuts under the Trump administration will spur economic growth and inflation.

The dollar has also been boosted by the view that a rate hike by the Federal Reserve in December is a near certainty.

NZD/USD advanced 0.71% to trade at 0.7094, also the highest level since November 17.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.49% at 100.98, the lowest since November 21 and pulling away from Thursday’s 14-year peak of 102.12.

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Paul

The author Paul