On Wednesday, the Australian dollar slumped against its primary American rival. Meanwhile, the New Zealand dollar managed to strengthen after relatively downbeat Chinese trade data as well as higher crude prices gave support to the commodity currencies.
The currency pair AUD/USD tumbled 0.16%, trading at 0.7447, off the one-month peak of 0.7463 achieved overnight.
Earlier data unveiled that in May, Chinese trade surplus extended to $49.98 billion from $45.56 billion last month. Financial experts had expected the trade surplus to extend approximately to $58.00 billion the previous month.
The report disclosed that in May exports sagged at an annualized rate of about 4.1%, while imports slumped by 0.4%. By the way, China appears to be New Zealand’s and Australia’s second biggest export partner.
The currency pair NZD/USD went up 0.20%, trading at 0.6988, the highest value since May 3.
On Wednesday, crude prices kept soaring for a third trading session, as supply disruptions in Nigeria ensured decent support.