The NZD/USD sits somewhat lower, at 0.8220 this morning as the market awaits the US FOMC meeting (8am NZT). Yesterday’s domestic data was more of the same. i.e. telling a story of positive economic momentum. In fact, taken at face value, yesterday’s ANZ business opinion survey would be consistent with 7% NZ GDP growth in coming months. This is far above our own forecasts which look for 3.4% growth in calendar year 2014. However it shows where risk lie; on the upside.
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