Aussie inflation drives NZD down as odds lift for Melbourne Cup day hike

Australian inflation is cantering away. (Image: Getty)

Thu, 26 Oct 2023

The New Zealand dollar took a further tumble against the Australian dollar after Aussie inflation surprised on the upside and increased the odds of a rate hike on Melbourne Cup day. The kiwi was trading at 91.62 Australian cents late Wednesday in Wellington versus 91.93 early in the trading day. It was trading above 94 Australian cents a week ago but has come under pressure after NZ’s inflation came in lower than expected last week.It took another drop on Wednesday after news that Australia’s consumer price index r...

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