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Reserve Bank of New Zealand: Some members stressed that the current larger increase in the official cash rate (OCR) would reduce the likelihood of it reaching the higher required peak.[Market] MSCI Asia Pacific Index rose 1%.[Market] The New Zealand dollar against the US dollar NZD/USD continued to rise. After the announcement of the interest rate decision, it rose by 50 points to 0.5779, up 0.80% on the day.RBNZ: Wholesale funding costs are rising and bank funding conditions are expected to become less accommodating.[Quote] The New Zealand dollar two-year swap jumped 5 basis points, as the New Zealand Federal Reserve is expected to raise interest rates further.

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