CURRENCY STRATEGY
We do not see seismic events acting as a trend changer, rather merely reintroducing a temporary discount for investing in a country perched on the “ring of fire”. This will show up more clearly in crosses like the NZD/AUD. However, the relative economic story should keep the impact contained. The bigger picture is unchanged: the US story is driving markets and we remain in an environment of selling NZD/USD rallies.
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ANZ