The Australian and New Zealand dollars shuffled sideways as Sino-US trade talks approached a weekend tariff deadline with little sign of progress, while data pointed to subdued economic conditions at home.
The Aussie idled at US$0.6825 in very quiet trade, having spent six sessions snared in a snug US$0.6813/6862 range. The kiwi dollar was equally becalmed at US$0.6555, though it remains within striking distance of last week’s four-month top at US$0.6576. Measures of volatility are near the lowest this century as investors shy from taking positions ahead of a Dec 15 deadline for new tariffs on China.
US Agriculture Secretary Sonny Perdue said President Donald Trump does not want to implement the tariffs but wanted ‘movement’ from Beijing to avoid them.