Monday, November 20, 2017

© Reuters.  Aussie and kiwi decline against greenback in late trade© Reuters. Aussie and kiwi decline against greenback in late trade

Investing.com – The Australian and New Zealand dollars moved lower against their U.S. counterpart on Monday, as hopes for a rate hike and tax reform in the U.S. before the end of the year continued to support demand for the greenback.

AUD/USD slipped 0.20% to 0.7820, not far from last Thursday’s two-month low of 0.7798.

The dollar remained supported after Federal Reserve Chair Janet Yellen indicated last week that the central bank was sticking to plans for a third rate hike this year.

The dollar received an additional boost from fresh hopes for U.S. tax reform after the Trump administration outlined plans for a sweeping overhaul of the U.S. tax code last Wednesday.

Trading volumes were expected to remain thin with Australian markets closed on Monday for the Labor Day holiday.

NZD/USD declined 0.47% to trade at 0.7195

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.39% at 93.27 by 02:00 a.m. ET (06:00 GMT), not far from Thursday’s one-month highs of 93.50.

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