For the second straight day in Asia, the Kiwi Dollar has stolen the show. The New Zealand Dollar exploded as data showed that the country has escaped from recession, thus triggering a dynamic Dollar selloff that was amplified by the poor liquidity due to the final day of the three day Japanese Holiday. New Zealand GDP snubbed the -0.2% forecast for Q2, coming in at a surprising +0.1%, and in doing so, convincing many that a RBNZ rate hike might show up sooner than later. Full text »
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