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Market Update: New Zealand Dollar Trades Near 3-Month Highs
The New Zealand Dollar lifted 0.001 points or 0.14% to 0.72878 against the US Dollar Thursday, trading near 3-month highs after the RBNZ held its official cash rate at a record low of 0.25% yesterday during its May meeting, but projected a 25 basis points rate hike to 0.5% by September 2022. Local 10-year bond yields were near 2-week highs of 1.896% while US 10-year rates were at 1.576%. Market sentiment remains dominated by lingering concerns that rising inflation will prompt central banks to tighten monetary policy sooner and more abruptly than expected, even as several US Federal Reserve officials maintained the central banks views that current pressures are transitory. However, they have also edged closer to opening discussions about tapering actions. [/s2If]
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