After yesterday morning’s post-US FOMC volatility theNZD/USD soon stabilised. It has inched up to trade at0.8140 this morning.Yesterday morning’s 2Q NZ GDP data showed a 0.7%q/qexpansion following the hefty 1.0% gain in 1Q. This tookannual growth to 3.9%, the swiftest in ten years. This wasclose enough to the market’s expectation (0.6%) and theRBNZ’s (0.8%) not to cause too much excitement. TheNZD/USD found support at the 0.8080 level, before clawingits way back to 0.8140 this morning, in the backdrop of aweaker USD overnight. Key NZD/USD support remains atthe February lows in the vicinity of 0.8050-0.8060.Resistance is eyed approaching 0.8200.
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