The NZD has traded between 0.8630 and 0.8690 over thepast 24-hours, sitting at 0.8670 this morning.The NZD absorbed yet another strong domestic data pointyesterday. The Performance of Services Index for Marchwas 58.3. This was up 5.5 points from February and thehighest level of activity since November 2007. For thefirst quarter of 2014, the PSI averaged 56.4. Still, withmuch of the NZ ‘good news’ story now priced by the NZD,the currency will increasingly take its cue from moves inthe USD.
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BNZ