The NZD/USD has plunged 5% in the past month, with RBNZ intervention talk (and action) coinciding with the broader USD upswing. Thanks to these tailwinds, we hit our bearish and below-market end-2014 target of 0.80 well before time. As a result, we have marked our year-end target lower to 0.78, while keeping our end-2015 target unchanged at 0.73. That remains an aggressively bearish view, relative to the rest of the market.
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