NZDUSD: ABCD IN DEVELOPMENT

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The New Zealand dollar was down only slightly in Asian and European trade and vastly outperformed the other antipodeans. Tomorrow is the RBNZ meeting with most market participants anticipating a rate cut, but the most recent data from New Zealand has been surprisingly strong. Last night's Truckometer readings and manufacturing activity led some analysts to revise GDP growth from 0.5% to 0.8%.

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