The NZD/USD has consolidated over the past 24-hours to trade around 0.7540 at present. The release of the Dec BNZ Manufacturing PMI yesterday (up 2.1 points to 57.7) was consistent with broader indicators showing the economy is in good heart. There is a lot to like with activity expanding at a solid clip with no inflation. However, it is the “no inflation” that the market is currently focused on, especially in the wake of the surprise rate cut from the Bank of Canada on Wed night.
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