The New Zealand dollar fell today, following the aussie which became weak after the commodity price of gold fell to a two and a half week low.
The kiwi recently traded at US81.43c, down from US81.75c. On the Trade Weighted Index against major trading partners' currencies it was at 72.70, down from 72.86c in the morning.
ASB chief economist Nick Tuffley said the kiwi had a relatively quiet day after beginning the day reasonably strong on better than expected Chinese trade data.
"Later in the day once Asian markets opened up trading, gold came under a little bit of selling pressure and pulled the aussie down. The kiwi followed," Tuffley said.
Domestically, markets would be looking to consumer price index data due out tomorrow morning.
"Everybody is still waiting for Spain to sign up to a rescue deal which is not likely to happen til after the elections over the weekend. Reserve Bank of Australia meeting minutes are due out tomorrow which should give a bit more detail into what drove the decision earlier this month to cut rates."
On the crosses, the kiwi recently traded at 79.68 Australian cents, down from A79.87c earlier. It was at 63.08 euro cents, unchanged from the morning.
It fell to 50.76 pence by 5pm from 50.83 pence at 8am. It was at 63.96 Japanese yen, down from 64.04 yen earlier.
Tuffley expected the kiwi to trade between US81.00c and US81.80c overnight with a bias towards the downside.
- © Fairfax NZ News