The dollars of Australia and New Zealand fell against their major rivals during the Tuesday trade session as global stocks pulled back, which cut down demand for stronger-yielding assets, Bloomberg reports.
The Aussie marked a third consecutive day of slumps against the world's reserve currency against the world's reserve currency after pushing to its three-month high last week. The kiwi sank toward its biggest losses thus far in September after driving to its four-month high against the greenback last week.
"Diverging expectations has helped the cross come up to these levels," institutional foreign exchange director Alex Sinton with Australia & New Zealand Banking Group Ltd. in Auckland told the news source on Tuesday. "The NZ$1.12 zone in recent times has presented some difficulty, and we really need some new news to break that."
One day after pushing ahead 0.4 percent, the Aussie backtracked 0.2 percent on Tuesday against the U.S. dollar. The New Zealand dollar dropped 0.5 percent on Tuesday.
An economic uptick in China, the top destination of exports from Australia, is forecast to benefit the value and performance of the Aussie, according to Reuters.
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