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NZ dollar jumps as Fed chair signals pause to rate hikes
The New Zealand dollar jumped three-quarters of a US cent after Federal Reserve chair Jerome Powell was seen as signalling a pause in interest rate hikes that have buoyed the greenback this year. The kiwi climbed to 68.77 US cents as at 8am in Wellington from 67.94 cents yesterday. The trade-weighted index rose to 74.79 from 74.37 yesterday. The yield on US 10-year Treasuries fell 1 basis point to 3.05 percent and the US dollar index declined 0.6 percent after Powell said the federal funds rate was just below neutral and that it will take time to understand the impact of the Fed's recent rate hikes. The Fed's rate ... (full story)