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China cuts its benchmark rates

First rate cut in more than two years surprises markets; part of a broader effort to support a slowing Chinese economy

Volatility in US treasuries

US treasury yields flicking up and down on data; Federal Reserve acknowledges downside risks to global growth and substantial improvement to domestic US labour market

USD volatility data driven

China's economic growth balanced on a knife edge; Eurozone PMI data a blow to hopes of a recovery into year-end; conflicting US data sees USD spike, slump, then recover

NZD suffers negative sentiment

AUD 'worst' performing currency overnight, dragging Kiwi with it; eyes on Fed minutes, NZ PPI

German and US yields push higher

NZ swap curve steepens; Fitch raises LGFA ratings outlook, markets await Fed minutes

Chunky moves on most crosses

Dairy auction results halt the NZD's upward track; USD weaker, euro stronger, yen likes snap election call, Aussies expect further falls

NZ 2yr swaps below fair value

BNZ expects the rate curve to steepen through 2015. Disappointing GDT auction result will keep markets subdued

NZD stronger on most of the crosses

Currency markets focused on the recession in Japan, and the ECB's signal that buying sovereign bonds is now a real option

NZ yields drift lower

Draghi confirms buying sovereign bonds an option for the ECB, Japan's new recession weights on markets, US 10-year yields push up

NZD higher

Gains against the USD, Yen and GBP as those currencies all weakened; but these trends lack conviction