NZ dollar dips vs. Australian dollar as RBA notes spending surge in resources sector

Tue, 04 Sep 2012

By Paul McBeth Sept 4 (BusinessDesk) - The New Zealand dollar dipped against its Australian counterpart after the Reserve Bank of Australia kept interest rates on hold, and said capital spending in the resources sector is keeping the economy growing. The kiwi fell to 77.65 Australian cents at 5pm in Wellington from 77.80 cents at 8am and 77.98 cents yesterday. It fell to 79.74 US cents from 80.14 cents yesterday. RBA Governor Glenn Stevens kept the target cash rate at 3.5 percent, as expected, saying inflation is consistent with the bank's...

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