The NZD/USD traded a relatively tight 0.8220-0.8260 rangeovernight, sitting at the lower end of this range at present.Yesterday’s domestic data, the December Performance ofServices Index (57.5), confirmed robust growth in thesector. This complements last week’s PMI reading of 56.4.The NZ economy ended last year on a strong note withpositive momentum entering 2014. But the drivers of theNZD are further afield at present, most notably the state ofbroad global risk appetite.
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