The NZDUSD pair (affectionately known as the kiwi) hit a new March low today of 0.70879 during a risk on Asian session. NZ 10 year rates have also dropped to a March low squeezing the NZD and USD carry trade to its smallest margin this month. This drop in NZ 10 Yields is reflective across the globe, but also helped by the RBNZ buying bonds at the longer end of the market to stave off growing rates. So unless something changes with the USD, Fed or RBNZ, expect the kiwi to remain firmly grounded for now.