Daily Morning Report 31.10.2016

The Australian dollar was steady against its U.S. counterpart on Monday, while the New Zealand dollar moved lower after the release of disappointing business confidence data and as upbeat economic growth data from the U.S. continued to support the greenback.

AUD/USD was little changed at 0.7602.

The greenback was boosted after a stronger-than-forecast preliminary estimate of U.S. third quarter economic growth supported the case for the Federal Reserve to hike interest rates in December.

However, the U.S. dollar’s gains were capped by heightened political uncertainty after the FBI said it would review more emails related to Hillary Clinton’s private email use.

NZD/USD slipped 0.29% to trade at 0.7144.

Earlier Monday, data showed that the ANZ business confidence index for New Zealand fell to 24.5 in October from 27.9 the previous month.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.21% at 98.51.