The NZD is effectively unchanged relative to yesterdaymorning, sitting at 0.8330 against the USD. It slipped as faras 0.8290 in our day, and was likely saved from droppingfurther thanks to a strong AUD rally. On the crosses, NZD/AUD pushed lower overnight, falling0.6% to 0.8910. Heading into the RBNZ meeting nextweek, investors are looking for some softening of thehawkish tone espoused in previous statements. With theRBA yesterday looking to have cemented a view that thenext rate hike will be higher (see Majors). At face value,this would support a lower NZD/AUD
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