Australia and New Zealand saw outlooks for exports brighten since the nations share a strong commerce, export and trade relationship with the Asian nation. But gains to the Aussie were capped by the central bank of Australia forecasting a lower gross domestic product for next year.
"The risks are that we see 2013 as a year of potentially below-trend growth," currency strategist Jonathan Cavenagh with Westpac Banking Corporation in Singapore told the news source. "This will nudge up the odds that we see a December rate cut. Some of the headlines are certainly going to take the shine off the currency as well."
This week's gains for the Aussie will be roughly 0.9 percent against the U.S. dollar, but the kiwi was set to notch losses against the world's reserve currency. Emerging as the worst-performing of major rivals to the greenback, the kiwi was on track to lose 1 percent since last Friday.
Reductions to investments in mining in Australia is likely to minimize roughly a half percentage point off 2013 economic growth, according to The Wall Street Journal.
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