ANZ On NZD/USD

ANZ note that "the NZD starts the day at a similar level to this time yesterday, having navigated a circa 50bp range over the past 24hrs. The near term picture is a conflicted one, with the RBNZ's reinforcement yesterday of the "least regrets" and "rather do too much too soon than too little too late" approach going head to head with improved optimism over a fiscal deal in the US and the consequent pick-up in risk appetite. That's probably not a bad way to think of how the next few weeks will play out, and with global forces typically winning out in the end, the risk is the trend is gradually higher, punctuated by locally inspired pull-backs."