Aussie Rises To 1-Month High On GDP Data, Kiwi Edges Lower

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Includes: CROC, FXA, UDN, USDU, UUP
by: Investing.com

The Australian dollar rose to a one-month high against its U.S. counterpart on Wednesday, helped by the release of upbeat Australian economic growth data, while the New Zealand dollar moved lower.

AUD/USD advanced 0.41% to 0.7539, the highest since May 3.

The Australian Bureau of Statistics said gross domestic product rose 0.3% in the first quarter, beating expectations for an uptick of 0.2% and after a growth rate of 1.1% in the last quarter of 2016.

NZD/USD eased 0.08% to trade at 0.7179, just off the previous session's two-month peak 0.7207.

But sentiment on the greenback remained vulnerable ahead of former FBI Director James Comey's testimony to a Senate committee on Thursday.

Investors are fearful that the Trump administration may be further damaged by any revelations that could emerge when Comey testifies about Russia's alleged involvement in the U.S. election.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up 0.09% at 96.59, not far from Tuesday's seven-month low of 96.47.

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