The NZD/USD and the AUD/USD may drift lower in Asia as there is still no resolution to the fiscal cliff but "I think a lot of the unwind has already happened on the Kiwi and the Aussie," says ASB Head of FX Institutional Sales New Zealand Tim Kelleher. "Defensive, with a drift off is the risk but it is hard to see them rallying in the current environment," he says. The NZD/USD is at 0.8196 while the AUD/USD is at 1.0365. He tips a range for the Kiwi of 0.8175-0.8210 and says the Aussie will likely trade in a 1.0340-1.0380 range.
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