The NZD sat atop the G10 leaderboard for the second dayrunning, as bulls sought a break higher. The NZD/USD is0.4% stronger at 0.8770. The NZD/USD spent most of the session trackingsideways, making most of its gains in a snap higher thanksto some exiting of short NZD/USD positions. Most analystsaccept that NZD/USD should be lower on a fundamentalbasis – the Bloomberg median is at 0.83 by end-2014. Butwe are mindful that it is an expensive position to holdunless the currency is moving rapidly south.
Read the full report: FX Daily