The Australian dollar has taken a knock, pushing the New Zealand exchange rate higher.

The Aussie fell sharply against the US dollar overnight after the Australia Reserve Bank Governor said the Australian dollar will fall.

Westpac market strategist Imre Spizer says RBA minutes out today indicating interest rates cuts are on the cards and more economic data from China have also had an impact.

"There was another weak report out of China on business sentiment and the Aussie dollar took a knock from that. So we've seen the cross push higher this afternoon to 99.44."

The Reserve Bank of Australia says it will wait for the release of March quarter inflation figures tomorrow, before it takes the knife to rates again.

It's also signalled it will wait for more economic data between now and its May board meeting before announcing a decision.

In minutes of its April meeting released today, the RBA says further easing of policy may be appropriate.