NZ Dollar Weakens on Asian Stocks & Rates Outlook

The New Zealand dollar weakened today against the US dollar and the Japanese yen after the Asian stocks fell and on the speculation that the central bank would increase the interest rates with slower pace.
The MSCI Asia Pacific Index of shares dropped 0.7 percent after the bad macroeconomic reports from the US caused concerns about the global economic growth. The New Zealand currency also slipped on the forecasts that tomorrow’s report would show that the jobless rate rose the last quarter, prompting the central bank to slow the pace of the rates increases.
NZD/USD fell to 0.7307 from 0.7340 as of 9:24 GMT today, while NZD/JPY dropped to about 62.47 from 62.94.

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