The NZD is effectively unchanged against the USD relativeto yesterday morning, sitting just under 0.8630.Yesterday’s two local releases hardly troubled the scorers. The BNZ-BusinessNZ PSI is little-watched, but it isinteresting note that cobbling together the latest PMI andPSI readings suggests annual GDP growth of around 4%.That is consistent with our formal forecasts, which pushjust above that mark later on this year.
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BNZ