Daily FX Wrap and Strategy

The NZD slipped along with most of the majors against theUSD on Friday, dipping 0.3% to 0.8360. That putsNZD/USD smack in the middle of the 0.8300-0.8420 rangeit largely kept through late August. On Friday, the ANZ business survey showed more softnessthan the market had likely anticipated. The headlineconfidence measure slid to +24.4 from +39.7, while theown activity expectations indicator dipped to +36.6 from+45.1. Much of the drag stemmed from the agriculturalsector, as recent price declines weigh.

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