The prospect of reduced monetary stimulus in the U.S. during the next several months prompted the Australian dollar to drive toward its worst quarterly performance since 2008, Bloomberg reports.
But while the Aussie dipped on the last trading session of the second quarter of 2013, the New Zealand kiwi was climbing. Policy makers with the Reserve Bank of Australia are scheduled to meet on Tuesday, the second trading session of the second half of the year.
As the second quarter comes to a close, the Australian dollar has dropped about 11 percent of its value against the world's reserve currency.
On Thursday, U.S. Federal Reserve representatives said the stimulus measures that the body has been employing to spur the world's largest economy will hinge on the economic data they monitor, The Australian reports.
"The Fed speakers are all telling us that the market has misunderstood what the Fed was saying and that the market reaction has been an overreaction," senior client advisor Stuart Ive with OM Financial told The Australian on Friday. "What that has done is temporarily stop the downside movement."
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