Yield demand for the New Zealand dollar appears to remain unquenched.

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.

Market pricing has shifted to a September-December start to the easing cycle. The New Zealand dollar should consolidate further.

A launching pad was established for the New Zealand dollar to rally. Offshore and local buyers were looking for something with a five in front.

The Australian dollar is being marked down by association with the New Zealand dollar.

The Australian dollar has been dragged down by the New Zealand dollar. Both currencies may well go through several months of under-performance.