The NZD/USD has traded a remarkably tight range overthe past 24-hours, despite large moves across the Tasman. It again sits close to 0.8480 this morning.With the absence of key domestic developments yesterdaythe NZD/USD appeared happy to consolidate after its Julyfalls. However, more striking was the move on theNZD/AUD cross. It gapped abruptly higher after the releaseof the AU employment report yesterday afternoon (seeMajors). From 0.9060, the cross was catapulted to 0.9100,continuing to climb higher overnight. It sits at 0.9140currently. We would look for a return toward 0.9250 in thefirst instance, within our broader view the cross will trade a0.9100-0.9400 range to year-end.
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