US job losses weigh on stocks, RBNZ surprise boosts kiwi.

Stocks struggled to make headway on Wednesday, the dollar nursed losses and bonds clung to gains, as signs of a slowing U.S. labour market made investors nervous about the economic outlook, while a bigger-than-expected rate hike lifted the kiwi dollar. The Reserve Bank of New Zealand surprised traders with a 50 basis point hike on Wednesday that sent the kiwi up 1% at one stage to hit a two-month high -- a contrast with Australia's central bank, which paused its hikes on Tuesday. U.S. interest rate futures have rallied strongly over the last few weeks, as traders figure that under pressure banks will tighten up on lending anyway and save the need for monetary policymakers to do the job.