RBNZ steps up its weekly target for bond purchases, NZD/USD off the lows

Amid the relentless surge in yields, the Reserve Bank of New Zealand (RBNZ) has stepped up its weekly target of bond purchases.

The kiwi central bank announced that it will buy NZD630 million of government bonds next week.

That will be up against the NZD570 million worth of bond buying conducted this week. 

Earlier on, the RBNZ said that it could increase its weekly purchases if required.

more to come ....