• High level creates discomfort .
  • Puts pressure on exporters .
  • Disagrees with idea that NZD/USD should be devalued.
  • Says NZ government using indirect pressure to try to bring NZD/USD down .
  • Would be irresponsible to to instruct central bank to intervene .

In the meantime NZD/USD in the middle of tonight’s range at 0.8091/96 .