The monetary unit of the South Pacific nation also was pinched by prospects of the U.S. Federal Reserve continuing to cut monetary policy. Australia is set to release employment information later this week, and speculation is gaining about joblessness staying at its four-year high.
As the top trade partner to both Australia and New Zealand, China is set to announce economic data this week regarding loans. Bloomberg forecasts new loans last month fell to 570 billion yuan after having checked in at nearly 625 billion yuan during the month prior.
The Australian dollar edged down about 0.2 percent against the U.S. dollar on Tuesday, one day after notching its highest value since early last month.
The pace of growth in Australia is projected to slow down this year, according to ABC. By contrast, New Zealand is likely to see stronger development as the year proceeds.
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