AUD/USD Drops After Downbeat Data, Kiwi Holds Steady By

Aussie moves lower, kiwi holds steady vs. greenback in late trade – The Australian dollar dropped against its U.S. counterpart on Wednesday, after the release of downbeat Australian data, while the New Zealand dollar held steady as sentiment on the greenback remained fragile.

declined 0.59% to a five-month low of 0.7586.

Earlier Wednesday, the Australian Bureau of Statistics said wage prices rose in the third quarter, disappointing expectations for an increase of 0.7%.

Year-over-year, wage prices gained in the last quarter, compared to expectations for a 2.2% gain.

was little changed at 0.6876.

Meawhile, continued to weigh on the greenback despite the previous session’s upbeat inflation report.

Data on Tuesday showed that U.S. producer prices increased by in October, exceeding expectations for a 0.1% uptick.

Market participants were now looking ahead to a report on due later in the day.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.17% at 93.56 by 02:25 a.m. ET (06:25 GMT), the lowest since October 26.

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