The Kiwi has flown from a low of 0.7766 to the current level of 0.7841. This is a very impressive recovery. Volume has been turned up to 11 – our turnover is more than twice the recent average. Overall, our flow has no bias, but is still interesting. Strong net leveraged demand has been met by supply from real money and banks and to a lesser extent corporates. (Citibank)
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