Westpac note that “following a 7c rally to NZ$1.1000, AUD/NZD has paused to consolidate. Such consolidation could see it slip to somewhere in the NZ$1.0650-1.0800 area, before embarking on the next rally which should exceed NZ$1.1000 towards NZ$1.1400 (which is model fair value at present). The global commodities rally is expected to remain a major source of support for the cross.”
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