NZ dollar drops vs. Australian dollar after RBA keeps rates on hold, still leaning towards a cut

Tue, 03 Nov 2015

By Paul McBeth Nov. 3 (BusinessDesk) - The New Zealand dollar fell against its trans-Tasman counterpart after the Reserve Bank of Australia kept the target cash rate unchanged, while firming up its bias towards cutting rates if it's needed. The local currency dropped to 93.80 Australian cents at 5pm in Wellington from 94.27 cents immediately before the release, and from 94.92 cents yesterday. The kiwi rose to 67.39 US cents from 67.29 cents at 8am, and 67.81 cents yesterday. The RBA kept the key rate at 2 percent, with governor Glenn S...

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