Forex – Aussie, Kiwi Move Higher after Upbeat Australian Data

© Reuters. Aussie and kiwi gain ground vs. greenback in late trade – The Australian and New Zealand dollars were higher against their U.S. counterpart on Tuesday, after upbeat Australian data and as optimism surrounding U.S. interest rate hikes slightly eased.

was up 0.13% at 0.7853.

Earlier Tuesday, the Australian Bureau of Statistics reported that building approvals increased by in November, confounding expectations for a 1.3% drop. Building approvals slipped 0.1$% in October, whose figure was revised from a previously estimated 0.9% rise.

rose 0.22% to trade at 0.7187, off a three month high of 0.7197 hit overnight.

The greenback remained supported by expectations for upcoming rate hikes by the Federal Reserve.

San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates given that economy will benefit from tax cuts.

The comments came a day after Cleveland Fed President Loretta Mester said she expects about this year, thanks to solid U.S. economic growth and low unemployment.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 92.09 by 01:55 a.m. ET (05:55 GMT), just off a one-week high of 92.13 reached overnight.

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