Asian stocks slipped on Thursday, giving back earlier gains as initial cheer from a rebound on Wall Street fizzled out, while the New Zealand dollar hit a one-year low when the central bank governor decried the currency’s recent strength.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.3 percent, edging towards a four-month low hit the previous day on geopolitical jitters. Tokyo’s Nikkei .N225 retained earlier momentum and rose 1.1 percent, heartened as the yen resumed its weakening against the dollar.
Wall Street rebounded broadly overnight, buoyed by strong U.S. housing data and dovish statements from a top Federal Reserve official. The New Zealand dollar hit a one-year low of $0.7995 NZD=D4 after Reserve Bank of New Zealand Governor Graeme Wheeler repeated his warning that the exchange rate is unsustainable and at unjustified levels.
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