NZ dollar falls on Aussie coat-tails after RBA rate cut, weak dairy auction

Tue, 03 May 2016

By Tina Morrison May 4 (BusinessDesk) - The New Zealand dollar fell as investors sold Australasian currencies after the Reserve Bank of Australia cut its benchmark interest rate yesterday on concern about weak inflation. The kiwi dropped to 69.12 US cents at 8am in Wellington, from 70.46 cents immediately before the RBA's decision at 4:30pm yesterday. The Aussie slid to 74.86 US cents from 77.09 cents ahead of the RBA move. Investors shunned the Aussie and kiwi dollars after the RBA reduced its key rate by 25 basis points to 1.75 perce...

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