THE New Zealand dollar has firmed against its trans-Tasman counterpart after the Reserve Bank of Australia affirmed its policy of keeping its cash rate unchanged.
The kiwi rose to 93.67 Australian cents at 5pm in Wellington from 93.37 cents immediately before the RBA release, and unchanged from Monday.
The kiwi traded at 83.65 US cents at 5pm, unchanged from 8am, and up from 83.53 cents on Monday.
The RBA kept the cash rate at 2.5 per cent, with governor Glenn Stevens saying "monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target".
Strong Australian building consent figures earlier in the day had put pressure on the kiwi against the Aussie, though that was erased by the RBA announcement.
The RBA "don't want to cut rates or be seen that they're looking to cut with a very buoyant housing market fuelling by lower interest rates," said Stuart Ive, senior client adviser at OMF in Wellington.
"Building consents were a lot better than expected and that put pressure on the kiwi/Aussie."
The RBA announcement comes a week before New Zealand's central bank reviews monetary policy at a meeting that's expected to see the first hike in a tightening cycle as governor Graeme Wheeler looks to head off the threat of future inflation.
The kiwi climbed to 85 yen at 5pm in Wellington from 84.69 yen on Monday, and rose to 60.93 euro cents from 60.62 cents.
The trade-weighted index gained to 78.62 from 78.39.
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