Australian Dollar At Multi-day Low Versus New Zealand Kiwi [AUD/NZD]
4/18/2008 10:16:52 AM After a week long uptrend, the Australian dollar lost ground versus its New Zealand counterpart in the morning session on Friday and dropped to a multi-day low of 1.1802 by about 9:40 am ET, down from a session`s high of 1.1896 hit in the morning.

Australia`s Export Price Index gained 3.5% for the first quarter of 2008, the Australian Bureau of Statistics said today. The Import Price Index rose 2.7%. Both increases were better than analysts` forecasts. The report showed that the export index posted its first quarterly gain since the June 2007 period. The index posted a loss of 0.6% for the preceding quarter.

Traders are looking ahead of the Reserve Bank of New Zealand`s interest rates review on next Thursday. Currently, the 8.25% percent benchmark rate is the highest in the industrialized world. There is a wide speculation that the RBNZ will keep the benchmark rate unchanged.

As of now, the Australian dollar is trading at its multi-day low level of 1.1801 versus the New Zealand kiwi. The Aussie hit a multi-month high of 1.1925 versus the kiwi yesterday.

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