NZD/USD continues to break lower, with the 0.8200 levelbroken on the back of a much more cautious RBNZ. TheNZD is 0.6% weaker against the USD this morning, sittingat 0.8175. The RBNZ softened its rate track as widely expected (seeFixed Interest). The vindication of this view saw a breakbelow 0.82, helped by continued vitriol against the NZD’sstrength. Governor Wheeler declined to talk about FXintervention, confirmation of which would have likely seen amuch sharper reaction in NZD.
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