The Australian dollar fell on Wednesday and underperformed its New Zealand counterpart after weaker-than-expected retail sales reinforced expectations of further interest rate cuts. The Aussie slipped 0.5 percent on the day to $0.9793, having fallen as deep as $0.9775 after retail sales dropped 0.2 percent in April, against forecasts of a small rise.
It also lost ground against the euro and yen. Versus the kiwi, the Aussie plumbed a two-week low at NZ$1.2856. The New Zealand dollar was hanging on to the $0.7600 level, after briefly being caught in the Aussie dollar's turbulence whipped up by the retail sales data, which saw it dip to a session low of $0.7588. The kiwi has managed to hold in a $0.7450 to $0.7700 range over the past four sessions, after its precipitous 7 percent fall this month.
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