Kiwi and Aussie decline as RBNZ holds

Kiwi and Aussie decline as RBNZ holds

On Thursday, the New Zealand and Australian dollars slid versus their US rival after the Reserve Bank of New Zealand left interest rates intact, while hopes for an imminent tax reform initiative in America underpinned demand for the US dollar.

The currency pair NZD/USD declined 0.18% hitting 0.7186, off a three-week minimum of 0.7171 reached overnight.

As anticipated, the RBNZ left interest rates intact at 1.75% on Thursday.

Commenting on that decision, the key bank stressed that it doesn’t expect to lift interest rates for some time because the economic surge outlook worsens and inflation slows.

The currency pair AUD/USD lost 0.34% being worth 0.7821, which is the lowest value since July 18.

At the same time, the greenback managed to strengthen reacting to reports on Wednesday that Donald Trump offered the biggest American tax overhaul for three decades.

The proposal has sparked a fierce battle in the Congress, with the Republican Party split over it and Democrats generally hostile.


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