The dollars of Australia and New Zealand are likely to drop in value against the world's reserve currency as the year proceeds as the U.S. economy continues its recovery, according to Bloomberg.
Thus far this year, both South Pacific currencies are among the top performers against the U.S. dollar and are likely to be influenced by the U.S. Labor Department's jobs report, which is scheduled for release on Friday.
"Given what we're seeing from trending, buying the dip is clearly the strategy that needs to be employed," chief market strategist Chris Weston with IG Ltd in Melbourne told the news source on Thursday. "If we get a really good nonfarm payrolls this Friday, that could be the start of something more significant for the dollar, but you've got to be selective in which currency you want to be long the dollar against."
Governor Glenn Stevens with the Reserve Bank of Australia is slated to speak on Thursday, according to The Sydney Morning Herald. That likely will impact the monetary units' performance on Thursday.
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