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NZ dollar trades below key support level after dovish RBNZ statement

The New Zealand dollar is heading for a 0.5 per cent weekly decline, having tumbled yesterday after a ‘dovish’ Reserve Bank statement and traders said the kiwi could extend its decline if it ends the week below a key support level.

The kiwi traded at 68.41 US cents as at 5pm in Wellington from 68.34 cents late yesterday and down from 68.59 cents a week ago. The trade-weighted index was at 74.70 from 74.74 yesterday, below the RBNZ’s latest projected average for the TWI in the June quarter of 76.

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