The New Zealand dollar fell as upbeat US and Australian economic data sapped demand for the kiwi, and after another drop in dairy prices eroded confidence in the strength of the nation's biggest export commodity.
The local currency fell to 82.94 US cents at 5pm in Wellington from 83.14 cents
at 8am and 83.46 cents yesterday. The trade-weighted index declined to 78.63 from 79.02.
Australia's economy grew at a 0.5 percent pace in the three months ended June 30, slowing from 1.1 percent in the March quarter, according to the Bureau of Statistics. That was ahead of economists' forecasts, and boosted demand for the Australian dollar at the kiwi's expense.
Separately, Reserve Bank of Australia governor Glenn Stevens said he was unwilling to boost housing any further to try and lift the jobless rate, which analysts interpreted as meaning the central bank won't cut rates again. The kiwi fell to 89.38 Australian cents from 89.79 cents yesterday.
The local currency was already under pressure from stronger US manufacturing figures, which supported growing expectations for the Federal Reserve to lift rates earlier and faster, and also a drop in dairy product prices to the lowest level in more than two years at the latest GlobalDairyTrade auction.
