The NZD/USD has broken to new highs after the releaseof US Fed Minutes this morning. It sits at 0.8720 currently.Ahead of the release the NZD/USD slid overnight, toaround 0.8650. However the slump was rapidly reversedafter the Minutes, which the market took to be fairlydovish (see Fixed Interest). As the USD and US Treasuryyields fell, the NZD was a key beneficiary. The NZD/USDhas pushed above turn-of-the-month highs to sit at itshighest level since it spiked above 0.8800 in July 2011.
Read the full report: FX Daily
BNZ