NZD Slumps in April
After a volatile period through February and March, risk appetite improved during the month, reflected in a recovery in global equities and higher global bond yields. Currency markets played to a different tune, with broadly based weakness in the NZD going against that force.
NZD Flat in March
• Global equity markets weak and volatile
• But little spillover for currency markets; NZD/USD and NZ TWI flat
• Safe-haven flows see global rates lower; NZ-US yield compression continues