NZD weakens against USD as Biden says G7 will impose new sanctions on Iran

The New Zealand dollar weakened against the U.S. dollar in Asian markets as U.S. President Biden said on Wednesday that the Group of Seven is coordinating a response to Iran's attack on Israel, including new sanctions on Tehran.

Investors continued to seek safety in the U.S. dollar, citing the possibility of sanctions, Maybank analysts said in a foreign exchange research and strategy note. Better-than-expected U.S. ADP data also boosted the dollar, analysts said.