The reduced pace of home sales also tugged down the Aussie on Wednesday as both it and the New Zealand dollar endured reduced demand. China's pace of growth and development also proved to be detrimental to the Aussie and the Kiwi. The Aussie fell to its lowest value against the Kiwi since the end of this past January as policy makers with the central bank of New Zealand prepared to meet on Thursday.
"The degree of concern around jobs is very high," notes a Wednesday statement issued by senior economist Matthew Hassan with Westpac, according to Bloomberg. "We retain our view that rates will remain unchanged over the first half of 2014, but with two further 25bp rate cuts in the second half."
The Australian dollar fell roughly 0.2 percent against both the U.S. dollar and the Kiwi during the Wednesday trade session.
Commodity prices' downward drive also is tugging down both South Pacific monetary units, according to The Australian.
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