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Forex Flash: NZD strategy profile – Westpac

FXstreet.com (Barcelona) - According to Global FX Strategist Sean Callow at Westpac, “The NZD momentum is positive and should take the NZD/USD slightly higher to the 0.8380 level in the near-term. Beyond that, strength will depend on how Cyprus and local drought issues are resolved.”

In terms of the NZ swaps, the decline in interest rates since mid-February may be complete, but Cyprus and the NZ drought remain near-term risks. “Should there be further near-term downside for the 2-year swap rate, we think it will be limited to the 2.70%- 2.80% area. Above 3.10% would confirm another major upleg is in progress.” Callow adds.

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