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Forex - Aussie, kiwi slide lower but downside limited

Investing.com -

Investing.com - The Australian and New Zealand dollars moved lower against their U.S. counterpart on Thursday, but losses were expected to remain limited as concerns over Donald Trump's protectionist views continued to weigh on the greenback.

AUD/USD slipped 0.20% to 0.7560.

Investors were cautious after Trump on Wednesday ordered construction of a U.S.-Mexican border wall and punishment for cities shielding illegal immigrants.

In addition, Trump was expected to sign an executive order in the coming days to block the entry of refugees from Syria and suspend the entry of any immigrants from Muslim-majority Middle Eastern and African countries.

The dollar has been under heavy pressure since Donald Trump's inauguration last Friday amid concerns over a lack of clarity on his economic policies and fears that his protectionist trade stance could hit corporate profits and act as a drag on growth.

NZD/USD declined 0.33% to trade at 0.7272, off Wednesday's more than two-month high of 0.7311.

Earlier Thursday, Statistics New Zealand reported that the consumer price index rose 0.4% in the fourth quarter of 2016, beating expectations for an uptick of 0.3%.

Year-on-year, consumer prices increased by 1.3% in the last quarter, more than the expected 1.2% gain.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was steady at 99.98, just off a seven-week trough of 99.77 hit overnight.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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