Investing.com - The Australian and New Zealand dollars moved higher against their U.S. counterpart on Tuesday, as sentiment on the greenback remained vulnerable ahead of the Federal Reserve’s policy statement due on Wednesday.
AUD/USD edged up 0.11% to 0.7542.
Investors remained cautious with the U.S. dollar ahead of the Fed’s monthly policy meeting, set to begin later Tuesday, amid ongoing uncertainty over a possible rate hike.
Meanwhile, the minutes of the Reserve Bank of Australia’s September policy meeting said that interest rates are likely to remain on hold in the foreseeable future, adding that growth remains in line with expectations.
NZD/USD rose 0.33% to trade at 0.7318.
But the commodity currencies’ gains were expected to remain limited as oil prices moved back lower on Tuesday after Venezuela said global crude supplies needed to decline by 10% in order to bring production down to consumption levels, sparking fresh supply glut concerns.
Crude prices had rallied on Monday after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilizing deal.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 95.78.