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Market Update: New Zealand Dollar Trades Near 7-Month Lows
The New Zealand Dollar consolidated last weeks losses in early APAC trade on Monday, but traded below the 0.7 handle near 7-month lows as the US Federal Reserve last week indicated a sooner-than-expected tightening in its monetary policy meeting, in turn providing strong support for the Greenback. Local 10-year bond yields were at 1.795% while US 10-year rates held at 1.441%. Among recent data, New Zealands GDP expanded 1.6% on quarter in the three months to March 2021, beating market expectations of a 0.5% gain. Last week, the Kiwi depreciated 2.21%. [/s2If]
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