Aussie, N.Z. Dollars Drop Before U.S Retail Sales, FOMC
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The Australian and New Zealand dollars fell ahead of U.S. figures tomorrow forecast to show retail sales rose, reducing the case for additional Federal Reserve stimulus measures.
The Federal Open Market Committee meets tomorrow to set monetary policy. New Zealand’s dollar declined against the yen, halting a three-day advance, after Fonterra Cooperative Group Ltd., the world’s largest dairy exporter, cut its milk price target. The Aussie weakened against most of its 16 major peers before a report tomorrow economists expect to show Australia’s home loans declined.