NZ dollar pares gain vs. Aust after RBA cuts key rate to 2.5 percent

Tue, 06 Aug 2013

By Paul McBeth Aug 6 (BusinessDesk) - The New Zealand dollar pared gains against its Australian counterpart after the central bank cut interest rates across the Tasman, matching the local key rate, but without indicating if there’s scope for further cuts. The kiwi fell to 87.47 Australian cents at 5pm in Wellington from 87.72 cents immediately before the announcement and 87.53 cents yesterday. The local currency traded at 78.51 US cents from 78.05 cents at 8am and 77.71 cents yesterday. The Reserve Bank of Australia cut the target cash rat...

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