The NZD slipped lower on Friday morning, but managed to stabilise in the evening, to end the week around 0.8100. There is little on the domestic agenda this week to significantly impact on the NZD. Its fate will more likely be determined by general risk appetite and sentiment toward the USD. In this regard, it is significant that US 10-year yields on Friday, again failed to break higher. We do not see an immediate catalyst to drive the next leg higher in US bond yields, and associated broad USD strength.
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