The NZD/USD has traded approximately a 0.8260-0.8300range over the past 24-hours, sitting just above 0.8280 atpresent.There were no domestic data releases yesterday, althoughovernight the latest global dairy trade auction was held.Overall, average prices declined 0.8% from the previousevent. This remains within expected ranges, with prices stillhighly elevated from year ago levels. We continue to seeNZ commodity prices providing support for the NZD. Thebroad NZ commodity price index, at end 2013, remainedalmost 20% above year ago levels.
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