The NZD benefitted from a mild USD sell-off on Friday,rising 0.2% against the USD to 0.8330. Very little report from the local session on Friday. The onlylocal data was the Q2 wholesale trade figures, which roseby 1.8% q/q, higher than we had expected (no formal poll).While the market did not budge, this number feeds into ourpick for Q2 GDP, due next week. We are picking a 1.0%q/q rise, for an eye-watering annual gain of 4.2% q/q.
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