The NZD is higher on the back of the US FOMC Minutes,up 0.4% against the USD to 0.8820. While we consider the reaction slightly odd, given the lackof new information, lower US bond yields and stilldepressedvolatility means that carry remains the allimportantconsideration. The NZD is the developed-worldleader in yield, and for now, that’s enough to see it bid.We’re within spitting distance of the 2011-high of 0.8840.
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