AUD, NZD Retreat Against USD as Oil Declines

April 20, 2016

The Aussie and New Zealand dollars inched lower against the greenback on Wednesday, as the prices of oil retreated after the Kuwaiti oil workers’ strike ended.

AUD/USD dipped by 0.44 percent to hit 0.7778, moving away from the 10-month peak of 0.7825 reached reached during the previous session.

The prices of oil dropped as a 3-day strike, which had slashed the Middle Eastern country’s production by almost half, ended on Tuesday.

The end of this strike in Kuwait revived worries that are triggered by the failure of oil producers to arrive at an agreement regarding the freezing of production.

NZD/USD edged lower by 0.60 percent to change hands at 0.7001, after touching a 10-month high of 0.7055.

On the other hand, sentiment on the US dollar stayed vulnerable after data released on Tuesday indicated that US building permits unexpectedly plunged by 7.7 percent in March to 1.086 million units, after a decline of 2.2 percent during the previous month to 1.177 million units.

In addition, US housing starts fell by 8.8 percent in March to 1.089 million units, after rallying by 6.9 percent to 1.194 million units in February.

Meanwhile, the US dollar index, which measures the strength of the greenback against a basket of major currencies, was unchanged at 94.07.

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