Aussie Little Changed, Kiwi Slips Lower in Late Trade

27/11/2017 11:41 AST

The Australian dollar was little changed against its U.S. counterpart on Monday, while the New Zealand dollar slipped lower, although sentiment on the greenback remained fragile amid concerns over low U.S. inflation levels.

AUD/USD held steady ar 0.7611.

Sentiment on the greenback remained vulnerable after last Wednesday’s minutes of the Federal Reserve’s November meeting showed that some officials were concerned inflation would stay below the bank's 2% target for longer than expected.

The minutes echoed comments by Fed Chair Janet Yellen earlier in the week that she was uncertain about the inflation outlook.

While a rate hike in December is still almost fully priced in, investors pared back expectations for further rate hikes in 2018, sending the dollar lower.

Market participants also continued to focus on a potential U.S. tax reform plan. President Donald Trump was set to meet Senate Republicans on Tuesday to discuss the party's efforts to pass tax reform legislation.

NZD/USD edged down 0.16% to trade at 0.6869.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 92.73 by 02:25 a.m. ET (06:25 GMT), just off Friday's six-week lows of 92.61.


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