The NZD led the commodity-linked pack lower last night,with NZD/USD weaker by 0.6% to 0.8070 this morning. It is a little surprising that NZD has outpaced the AUD inthe move downward, since the focus in markets has beenon hard commodity prices and Chinese growth. Thesewould tend to weigh more heavily on AUD than NZD.Should those factors weaken further, we would expect thenormal dynamic to reassert itself, and the NZD/AUD tobenefit.
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