Much of the same from the NZD yesterday, with anotherlook at support rejected around 0.8420. NZD/USD sits0.3% higher today at 0.8460.The weak US retail sales report saw NZDjump higher in the early hours of this morning. But thatbounce was contained to 0.8480. We’re still of the mindthat, while 0.8400 will be hard to break, any rallies to thetopside will be sold into, given the much-hyped weakeningin NZ’s macroeconomic story over the past month(subdued inflation, falling dairy prices, RBNZ on hold).
Read the full report: FX Daily