NZ dollar falls to 7-week low vs. Australian as market bets on RBNZ rate cut

Wed, 18 Jul 2012

By Paul McBeth July 18 (BusinessDesk) - The New Zealand dollar fell to a seven-week low versus its Australian counterpart as market bets on a local rate cut increased after yesterday's tepid inflation, while economic growth indicators improved across the Tasman. The kiwi fell to 77.21 Australian cents from 77.53 cents yesterday, holding near its lowest level since May 28. The currency was little changed at 79.61 US cents at 5pm from 79.74 cents at 8am and down from 79.96 cents yesterday. Traders are predicting a chance the Reserve Bank wil...

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