THE New Zealand dollar has dropped to a six-month low against its trans-Tasman counterpart after figures showed an improving Australian economy, on growing exports and accelerating home building.
The kiwi fell as low as 90.70 Australian cents, trading at 90.73 cents at 5pm from 91.25 cents on Tuesday.
It also fell to 84.12 US cents from 84.27 cents at 8am and 84.59 cents on Tuesday.
Australia's economy grew 1.1 per cent in the first three months of the year, beating the 0.9 per cent growth forecast in a Bloomberg survey.
"The market's long on kiwi crosses, and it's a continuation of the unwinding," said Tim Kelleher, head of institutional FX sales New Zealand at ASB Institutional in Auckland, referring to the position where an investor bets an asset will appreciate.
"I wouldn't get too carried away, the kiwi's at the bottom end of the range."
Also weighing on New Zealand's currency was another drop in dairy prices at the latest GlobalDairyTrade auction.
The kiwi fell to 61.79 euro cents from 62.17 cents on Tuesday and to 86.37 yen from 86.55 yen.
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