The NZD/USD found resistance at 0.8300 early this morning, returning to trade at 0.8280 currently. The NZD was predictably range-bound yesterday in the absence of local data releases. Overnight it gained some upward momentum but was unable to push back through the 0.8300 level. More broadly the NZD/USD appears to be establishing a 0.8200-0.8400 trading band. We anticipate a fairly subdued end to the week that is unlikely to challenge this range.
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