We’ve made no secret of our disappointment in the USD’s performance over Q1 2014. Last month, we pushed back our expectations of its eventual recovery into the second half of the year. This had the effect of bringing our near-term NZD/USD forecasts higher, to 0.84 by end-June, 0.81 by end-September, and 0.79 by end-December. Our forecasts for 2015 and beyond are largely unchanged
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BNZ