The NZD/USD has come off recent lows and is likely to take direction from the Reserve Bank of Australia rate decision later Tuesday, says ANZ in its morning brief. "Focus this week will be on the actions and accompanying statement of the RBA today--any cut greater than 0.25% will ensure the NZD avoids a move into the US$0.7600 (area)." The pair is at 0.7564 vs 0.7515 late Friday. ANZ adds that the NZD/USD is off recent lows after weak U.S. May employment data were enough to bring the question of QE3 back to the table. ANZ expects the pair to trade in a short-term range of 0.7520-0.7580.
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