New Zealand dollar hits six-month low, Aussie holds its ground

SYDNEY, Oct 14 (Reuters) - The New Zealand dollar touched a fresh six-month low on Tuesday as soft spending data underlined the need for further policy stimulus, while news from Australia was generally supportive of steady interest rates.

The kiwi dollar was hanging on at $0.5720 NZD=D3, having been down at $0.57145 and levels not seen since the market mayhem of early April. Support now lies around $0.5700 and $0.5620.

The Aussie was flat at $0.6510 AUD=D3, as a rally petered out at $0.6532 overnight. Support comes in at last week's low of $0.6469, with resistance around $0.6540.

New Zealand figures showed electronic card spending fell 0.5% in September when most analysts had looked for a small rise, with consumers still not responding to a series of rate cuts from the Reserve Bank of New Zealand.

"A year after the start of the RBNZ's easing cycle, momentum in the retail sector is still muted," said Satish Ranchhod, a senior economist at Westpac.

"It's disappointing in the context of continued population growth and increases in prices, and points to continued softness in per-capita spending levels, especially adjusted for price changes."

The need to revive spending led the RBNZ to slash rates by 50 basis points last week to 2.5%, and leave the door wide open to yet further easing in November.

The central bank underlined its intent on Tuesday by loosening restrictions on home lending, likely hoping to support a very subdued housing market.

Markets imply around an 85% probability of a rate cut to 2.25% in November, and some chance of reaching 2.0%. 0#NZDIRPR

Minutes of the Reserve Bank of Australia's last meeting out on Tuesday underlined its concerns about sticky inflation and caution on further easing.

A survey from NAB showed business activity was resilient in September, with sales and profits both increasing, while cost pressures were contained at the retail level.

Markets are evenly split on whether the RBA will cut the 3.65% cash rate in November, with around a 64% chance of a move in December. 0#AUDIRPR

The RBA's chief economist is due to speak on Wednesday, and Governor Michele Bullock early on Thursday morning Australian time.