Sharemarkets continued to struggle in July, with all the offshore markets we monitor in this report posting declines. In contrast, the local sharemarket lifted 4.4% during the month.  The Reserve Bank of New Zealand (RBNZ) decided to cut rates by 0.25% to 8.00% in July. By month end, the NZD was trading around US $0.73 - its lowest rate since September 2007, and had touched a 7-year low against the AUD.

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