Aussie and Kiwi tumble vs. broadly stronger US dollar

Aussie and Kiwi tumble vs. broadly stronger US dollar

On Monday, the Australian and New Zealand dollars headed south versus their American rival because hopes for a rate lift as well as tax reform in America before the end of 2017 kept backing demand for the US dollar.

The currency pair AUD/USD went down 0.20% being worth 0.7820, which is not far from last Thursday's two-month minimum of 0.7798.

The evergreen buck was still backed after last week Fed Chair Janet Yellen told that the US key financial institution was considering a third rate lift in 2017.

The US currency received an extra boost from fresh expectations for American tax reform after last Wednesday the Trump administration disclosed plans for a sweeping overhaul of the country’s tax code.

As for trading volumes, they were believed to stay thin with Australian markets unavailable on Monday for the Labor Day holiday.

The currency pair NZD/USD managed to edge down 0.47% being worth 0.7195.

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