NZD down ahead of RBA announcement

JAZIAL CROSSLEY
Last updated 17:34 03/12/2012

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The New Zealand dollar fell against the greenback today as markets continue to watch US fiscal cliff talks, ahead of the Reserve Bank of Australia meeting tomorrow.

The kiwi recently traded at US81.98c, down from US82.05c earlier.

It was at 73.20 on the Trade Weighted Index against major trading partners' currencies, down from 73.42 in the morning.

ASB Institutional head of institutional FX sales Tim Kelleher said there was some heavy selling of the kiwi against the euro.

''There was also some caution ahead of Thursday's Reserve Bank of New Zealand announcement. The Reserve Bank of Australia tomorrow is expected to cut rates which adds a bit of pressure. If that happens the kiwi could come off,'' Kelleher said.

On the crosses, the kiwi was trading at 78.71 Australian cents, down from A78.56c.

It was at 62.87 euro cents, down from 63.22 euro cents earlier.

It fell to 51.11 pence from 51.25 pence earlier.

The kiwi was trading at 67.58 Japanese yen, up slightly from 67.54 yen earlier.

Kelleher expected the kiwi to trade between US81.70c and US82.20c overnight with a bias towards the downside.

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- BusinessDay.co.nz

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