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The NZD/USD pair shot straight up during the session on Wednesday as the RBNZ held its interest rate steady, and suggested that perhaps it would be for some time. This move was somewhat counter to the rest of the markets, as they seem to be concerned about all things Euro again. The New Zealand dollar is of course a commodity currency, so whether or not it can hold this gain is a completely different question. We currently feel that the market is probably a bit too touchy to be involved with right now, and there are much safer trades out there. You can see quite a bit of noise just above, and as such we think this pair could grind higher, but it will be a tough fight.