The NZD weakened against a strong USD overnight, alongwith all of its peers. It sits at 0.8330 this morning.There was little news domestically to drive the currencyover the past 24-hours. Rather, overnight it was all aboutUSD strength (see Majors). As the USD returned to favourthe NZD was a casualty along with most of its comrades.Resistance for the NZD/USD, just above the 0.8400 level,appears intact for now. The NZD/USD has returned totrade at 0.8330 this morning. The local focus today will bethe AU employment report (see Majors), in the absence ofscheduled NZ data releases. Any disappointment in the AUdata, which resulted in AUD weakness, could see theNZD/USD dragged lower in sympathy. But it would likelysee strengthening of the NZD/AUD cross.
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BNZ