The New Zealand dollar fell against the aussie today as the Reserve Bank of Australia left its key interest rate unchanged for the third consecutive month.
The kiwi recently traded at 77.69 Australian cents, down from A77.75c earlier. It was at 71.70 on the Trade Weighted Index, up slightly from 71.67 in the morning.
Direct FX currency adviser Sam Coxhead said the kiwi had a mixed day.
"It bounced off its lows after the RBA announced interest rates would be unchanged although markets had priced in a small change. Overall the kiwi and aussie remain under pressure but the kiwi is reasonably buoyant against the Australian dollar," Coxhead said.
"[ASX-listed] Fortescue Metals, the world's fourth largest iron ore producer, slashed its cap-ex program going forward following the slowdown of iron ore buying in China, the same themes continue to come through the market."
Forestcue fell 2.25 per cent on the ASX200 index today.
The kiwi recently traded at US79.76c, up from US79.71c earlier. It was at 63.25 euro cents, down from 63.29 euro cents earlier. It rose against the British pound at 50.20 pence, up from 50.16 pence earlier. It was at 62.45 Japanese yen, up from 62.37 yen earlier.
Coxhead expected the kiwi to trade between US79.00c and US80.00c overnight, with a bias towards the downside.
- © Fairfax NZ News