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.

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.

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

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

We don't see the festival as an end-point for these shows, ... It's a launching pad, a stepping stone for productions.

Dollar buyers ran out of gas once we couldn't break through $1.2750 and 106 in dollar/yen and as a consequence we started technically trading off those levels.