This article is originally referred from Traders Trust
The Australian dollar was little changed against its U.S. counterpart on Monday, while the New Zealand dollar moved lower as demand for the greenback remained supported following Donald Trump’s election last week.
AUD/USD held steady at 0.7549, close to Friday’s one-month low of 0.7519.
The dollar was boosted by hopes that increased fiscal spending and tax cuts under a Trump administration will bolster economic growth and inflation.
Expectations for higher U.S. interest rates also remained intact amid optimism that a pick-up in growth will allow the Federal Reserve to tighten borrowing costs.
NZD/USD slid 0.37% to trade at 0.7089, the lowest since October 17.
Meanwhile, market sentiment slightly weakened as data on Monday showed that China’s industrial production increased by an annualized rate of 6.1% in October, disappointing expectations for a 6.2% gain.
China’s retail sales rose 10.0% in October, year-on-year, compared to expectations for an increase of 10.7%.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.51% at 99.49, the highest since February.
Original Source: Traders Trust