Aussie and Kiwi decline versus stronger US dollar

Aussie and Kiwi decline versus stronger US dollar

On Monday, the Australian and New Zealand dollars headed south because the vote of a major American tax bill gave broad support to the US currency, although new political turmoil in Washington was believed to restrict revenues.

The currency pair slid 0.38% being worth 0.7582.

The US currency managed to strengthen right after the US Senate officially approved a tax overhaul on Friday, thus marking President Donald Trump first key political win.

As the Trump administration announced, its tax cuts will spur surge and drive inflation that market participants hope will ensure a faster tempo of monetary tightening by the key US bank.

In Australia, fresh economic reports disclosed that company operating revenues went down 0.2% in the third quarter. The given outcome confounded hopes for a 0.2% soar.

The currency pair NZD/USD edged down 0.70% trading at 0.6842.

Gauging the greenback’s value versus a basket of six key currencies, the US dollar index gained 0.52% being worth 93.30.

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