NZ dollar drops against Aussie after RBA keeps rates on hold

NZ dollar drops against Aussie after RBA keeps rates on hold
Jenny Ruth
By Jenny Ruth May 7 (BusinessDesk) - The New Zealand dollar fell sharply against the Australian dollar but was higher against the US dollar after the Reserve Bank of Australia left its cash rate unchanged at 1.5 percent. The kiwi was trading at 93.95 Australian cents at 5pm in Wellington compared with 94.36 shortly before the RBA’s statement and 94.37 at 8am. It was trading at 66.12 US cents from 66.08 earlier today. The trade-weighted index was at 72.15 points from 72.17.  Peter Cavanaugh, the senior client advisor at Bancorp Treasury...

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