Leading into the symposium, several Federal Reserve members had given hawkish speeches, hinting of impending interest rate rises. Market pricing for US interest rate rises had been very weak off the back of global uncertainty and some soft US data. It wasn't until [Fed vice-chairman] Stanley Fischer noted Yellen's comments were consistent with two more interest rate hikes this year that markets really took notice and the US dollar took a leg higher.'' Mr Wheeler would also be hoping the increased chances of US interest rate rises continued to support the US dollar, providing some relief to the New Zealand dollar, Mr Tuffley said. China's yuan weakened yesterday morning to its lowest level in more than a month on broad US dollar strength.

Source: Otago Daily Times August 29, 2016 18:11 UTC