Ratings agency out with a fairly upbeat review of the forex market's current ugly duckling

  • local currency Issuer Default Rating long term looks positive
  • general govt deficit continues to narrow, albeit at a slower pace than our projections last year
  • high levels of net immigration, rebuilding efforts in Christchurch, construction in Auckland will support economic growth

Yes maybe, but tell us about the price of a pint of milk!

  • a sharp fall in Auckland house prices could pose a down risk to the economy

Yes yes yes, but what about the future of the milk market? Seems to be the only thing that matters!

NZDUSD 0.6687 after railing to hold gains above 0.6700