We continue to make good headway south in NZD/USD, to the point that we reached our end-September target (prev. 0.84) faster than anticipated. We revised that near-term target to 0.82. At this stage, with momentum on its side, there looks to be downside risk to our year-end 0.80 call, but we remain there for now. Overall, our track remains more bearish on NZD than the market as a whole.
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