The NZD edged lower in a largely quiet night for currencymarkets, with the NZD/USD just 0.1% weaker at 0.8550. In the absence of any real market-moving data, the NZDwas left to drift in a fairly tight range between 0.8530 and0.8570. For the moment, the currency seems to be lookingfor reasons to trip further lower. Momentum favours thatmove, with our model now short NZD against all the TWIcurrencies. And from the fundamental side, our short-term‘fair value’ model suggests that NZD/USD should within a0.7910 – 0.8480 range.
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