The NZD continues to make headway lower, havingfollowed the AUD lower over the past 24 hours. NZD/USDis 0.4% weaker at 0.8240.Yesterday, support at 0.8260 gave way in the face of abroad USD rally, which shows little sign of letting up. Theincrease in currency volatility has certainlyplayed its part. In this environment, it is hard to build thecase for significant upside in NZD. We remain comfortablewith our below-market forecasts (0.80 by year-end).
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