AUD, NZD Edge Higher but Gains Still Limited

May 12, 2016

The Australian and New Zealand dollars rallied against the greenback on Wednesday, but gains were anticipated to stay capped by lower prices of crude oil.

The AUD/USD surged by 0.11 percent to 0.7371, still close to the two prior session’s 2-month low of 0.7300.

The commodity currencies stayed under pressure as the prices of crude oil inched lower on Wednesday, after reports that the Canadian oil sand production is set to increase following forced closures because of the wildfires.

Furthermore, the American Petroleum Institute stated on Tuesday that US crude inventories increased by 3.45 million barrels to a record 543.1 million barrels in the week ending on May 6.

NZD/USD shot higher by 0.64 percent to change hands at 0.6806.

Meanwhile, the Reserve Bank of New Zealand stated that "while New Zealand’s economic growth remains solid, the outlook for the global economy has deteriorated."

The central bank of New Zealand further added that it was "closely monitoring developments to assess whether further financial policy measures would be appropriate."

The U.S. dollar index, which measures the strength of the greenback against a basket of 6 major currencies, was lower by 0.21 percent at 94.02.

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