The New Zealand dollar continues to be hampered by the recent swag of weak economic data. We suspect the currency will continue to come under pressure.

The New Zealand dollar continues to find friends. The less negative tone of the most recent economic data and a growing realization the Reserve Bank will probably not be easing in the near term have lent support.

The yen continues to weaken, as it should, given the continued weak economic data coming from Tokyo.

The data show Taiwan's economic fundamentals aren't so good, prompting investors to sell the currency, ... a weakening Taiwan dollar, because it can help boost exports.

This hasn't changed our view that the New Zealand dollar is in a serial decline. The currency is on a depreciation cycle, regardless of whether interest rates go down or not.

It is difficult to see the New Zealand dollar stage any kind of sustainable rally. Data is likely to portray softer growth than the Reserve Bank's projections.