NZD and AUD have underperformed - BNZ

Jason Wong, Currency Strategist at BNZ, notes that the NZD and AUD have underperformed, doing even worse than EUR.

Key Quotes

“NZD broke down through 0.70 this morning, after falling steadily through the night. Remarkably the NZD is still more than 3% higher than where it began the month so we believe that the potential downside from here is still material. The AUD has fallen at the same pace as the NZD throughout the recent turbulence, keeping the NZD/AUD cross steady.”