The NZD/USD rose modestly early on Friday eveningholding onto the gains overnight. It opens this week around0.8380. There was little in the way of domestic news flowon Friday, but the NZD/USD rose in the face of broad USDweakness through the evening.The gain in NZD/USD over the past fortnight is at leastpartly attributable to recovering global risk sentiment. Ourrisk appetite index (scale 0-100%) has bounced back from39% at the beginning of February to 63% at present. Thisturnaround has been in sync with the NZD/USDappreciating over 3.5% from a low of 0.8085. Continuedrecovery in risk appetite should support its move to theupper-end of the 0.8100-0.8400 range we see for H1 2014.
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