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NZ dollar eases against the Aussie

NZ dollar eases against the Aussie

The New Zealand dollar eased against the Aussie after the International Monetary Fund lifted its 2018 economic growth forecast for Australia while lowering its global expectations.

The kiwi traded at 90.95 Australian cents at 5pm in Wellington from 91.13 Australian cents at 8am and from 91.23 cents yesterday. It traded at 64.44 US cents from 64.39 cents yesterday, with US markets closed for the Columbus Day holiday.

In the latest World Economic Outlook, the IMF forecast global economic growth would be 3.7 per cent in 2018/19, a 0.2 per cent reduction from its previous forecast in April. For Australia, it lifted its 2018 growth forecast by 0.2 per cent to 3.2 per cent.

Tim Kelleher, head of institutional foreign exchange sales at ASB Bank, said the Aussie fared better than the kiwi over the day and the IMF news “has given it a little fillip in the last hour.”