The NZD held on to close Friday perched atop the G10leader board against the USD, inching 0.1% higher to0.8688.Friday’s CFTC positioning data showed that net longpositions for the NZD rose to 19.8k, from 18.5k a weekearlier. It is remarkable that the NZD remains lofty despitedeteriorating risk appetite in global market (see Majors),but we are mindful that low FX volatility has boosted theattractiveness of the kiwi as a target currency for the carrytrade.
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