The New Zealand Dollar (NZD) rallies against the US Dollar (USD), pushing north of the 0.5930 mark. The move is driven by broad weakness in the Greenback rather than anything out of New Zealand.
The trigger was the United States (US) Treasury Department. It said it will at least double its buyback operations for longer-dated coupon securities in the 10-year to 20-year and 20-year to 30-year sectors, lifting each operation from $2 billion to at least $4 billion between September 9 and November 4. The plan aims to support liquidity and cap the recent climb in long-end yields. It worked quickly, with the US 10-year yield falling back toward…
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