As the US 10 year yields rise - they impact more than just the price of stocks. The Carry trade or difference between a funding currency and investment currency is also impacted. While both New Zealand and the US ten year rates are rising, the difference between New Zealand 10 Year Yields and US 10 Year rates is diminishing. This makes the NZDUSD carry trade less appealing, for this reason the currency falls. The stronger the gap between the two yields, as we saw in earlier March, the higher the Kiwi climbs. At the moment the Kiwi is well below recent price action. Recent Q4 GDP showing that the economy showing was not as growing as expected has also added to the NZDUSD woes.