Dollar rallies in Asia after Fed signals rate hikes; yuan, kiwi slide

The US dollar has rallied in Asian trading after the Federal Reserve confirmed potential rate hikes in the coming months, with the euro losing 0.12% to $1.0818 and the yen showing strength to reach 152.26 points against the euro. Meanwhile, New Zealand’s dollar has weakened after figures revealed the nation’s economy shrank into recession in quarter one, while China’s yuan dropped 0.1% and touched 7.1872 per US dollar, its weakest point since November, after the People’s Bank of China cut its borrowing cost loans for the first time in 10 months.