Asian currencies weaken as dollar gains, kiwi tumbles on RBNZ outlook
Asian currencies saw a general decline on Wednesday as the U.S. dollar reached a two-week high. Meanwhile, the New Zealand dollar experienced a notable drop despite the Reserve Bank of New Zealand (RBNZ) increasing its policy rate. The USD/NZD pair climbed by 0.9% to reach 0.5843, marking the lowest value for the kiwi since August 13.
Despite the expected rate hike, Australia's AUD/USD pair saw a marginal increase to 1.4006, contributing to the local currency's weakness. Australia's economy grew 0.4% in the June quarter and 2.1% from a year earlier, indicating a positive economic outlook. The USD/JPY pair also rose to 160.21, keeping the yen above the 160-per-dollar mark.
Markets remain cautious, with the probability of a Federal Reserve rate hike in September now at 68%, up from 40% a week earlier.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- South Korean stocks slip 2.9% as Asian equities fall on oil gains, bonds drop businesstimes.com.sg
- Asian stocks slump after renewed US-Iran attacks news.rthk.hk
- Asian stocks tumble following Wall Street decline; KOSPI drops 3.8%, oil nears $91 seekingalpha.com
