The kiwi fell 0.05 per cent to US$0.6456, though it was similarly not far off the six-month peak of US$0.6513 it hit this week.
Fed funds futures also show that markets are expecting US rates to peak just under 5 per cent by May next year. "We doubt that the funds rate will be kept at that restrictive level for that long, and I think markets, in the reaction, probably support that view as well," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.
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