From highs of almost 0.8400 on Wednesday, the NZD/USD is back flirting with important support levels around 0.8200 this morning. Unlike Thursday’s taper speculation-driven losses, the ½ cent overnight sell-off in the kiwi was more about following the AUD lower. A speech from RBA Governor Stevens last night (see attached note from our London colleague Gavin Friend) continued the RBA’s series of jawboning assaults on the AUD. Stevens suggested currency intervention to lower the AUD was likely to be ineffective and costly at present given the easy monetary policies in the US, Europe and Japa
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