The NZD has given up some of its post-FOMC gains,falling 0.3% against the USD to 0.8710.Some of the wind was taken out the NZD’s sails by an asexpectedGDP outturn. The economy expanded at a 1.0%q/q pace (3.8% y/y). The result was close to enough topublished forecasts, but in the days before, analysts hadbeen talking about upside risk, warning that the outturncould be in the region of 1.3%-1.4%. The market looked tobe positioned for that result, and was disappointed.
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