Gross domestic product (GDP) rose 0.6 pct in Q2, moderating from the previous quarter when it jumped an exceptional 1.4 pct. That left GDP up a brisk 3.7 pct compared to the second quarter of 2011.
Yet, Aussie remains under pressure at $1.0209 vs $1.0285 in late local trade on Tuesday. It dipped to a fresh six-week low of $1.0190 in morning trade. Support is found at $1.0170, the July 25 trough.
Aussie has fallen nearly 4 pct in the past month as markets grow increasingly bearish on China, retreating from a four-month high of $1.0615 hit in August.
There is growing speculation the RBA may cut rates next month given plunging iron ore prices and concerns about a slowdown in China, Australia's biggest customer.
At its September meeting on Tuesday, the RBA held rates steady at 3.5 pct as expected, but it flagged new uncertainty over China, a shift for a central bank that has been doggedly optimistic on Asia's biggest economy.
Interbank futures imply a 2-in-3 chance of a rate cut in October, with the market fully priced for one in November. Overnight indexed swaps, which show where the market thinks the cash rate will be over time, put it at 2.82 percent in 12 months.
The NZ dollar hovers around $0.7946, having touched six-week lows of $0.7922 overnight. Support at the psychological $0.7900 level and then $0.7885. Resistance initially at $0.7970 and then around the 200-day MA at $0.8000.
Dairy giant Fonterra's latest auction shows an average 6 pct rise, adding to last month's 11.3 pct gain.
Other NZ data shows a hefty 7.1 pct rise in the volume of residential building work in the second quarter, the strongest in two years, offsetting a fall in non-residential work, for an overall 0.8 pct rise. That should see a positive contribution from construction to Q2 GDP.
Some pullback in the single currency against the Antipodeans, after hitting two-month highs this week. It holds last around A$1.2275 against the Aussie and at NZ$1.5788 on the kiwi.
Other data out on Wednesday in Australia showed car sales rose 6.2 percent in August, compared to the same month last year, led by big gains in the sports utility and commercial vehicle sectors.
NZ government bonds softer, with yields up as much as 3.9 bps, following US Treasuries.
Australian bond futures edge up, with the three-year contract 0.03 points higher at 97.630. The 10-year contract adds 0.005 points to 97.01. Earlier this week, they rose to their highest since late July.