The NZD/USD is flat and is unlikely to get much impetus from the Reserve Bank of New Zealand, which is expected to keep the official cash rate unchanged, David Croy, head of markets research for New Zealand at ANZ, says in a report. "While a cut is not impossible, and had it not been for a number of positive factors (including a pickup in activity in Christchurch and a solid bounce in Auckland housing activity) we'd probably be calling for one ourselves, it is simply not the central scenario," he says. The pair is at 0.8255 vs 0.8249 late Wednesday, and Croy expects it to trade between 0.8215 and 0.8285 for the day. However, Australian employment data later in the session could see the NZD outperform the AUD should a surprise occur, he says. "The last two results have been topside surprises so some statistical payback would not be unexpected, which would reinforce our anticipated trend of NZD strength." The NZD/AUD is at 0.7893. Croy tips it to trade in a 0.7860-0.7910 range on the day.
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