NZ dollar weakens vs. Australian dollar on view of rates differential

Thu, 08 Nov 2012

Nov. 9 (BusinessDesk) – The New Zealand dollar fell to a five-week low against its Australian counterpart as rising unemployment at home and stronger job prospects across the Tasman stoked talk the gap in interest rates won’t narrow any time soon. The New Zealand dollar fell to 81.57 US cents from 81.67 cents at 5pm in Wellington yesterday. The kiwi fell to 78.22 Australian cents, near the lowest since Sept. 6, from 78.49 cents. New Zealand's unemployment rate unexpectedly rose to 7.3 percent in the third quarter, while in Australia, the eco...

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