found a base around 1.05 (with just below here therefore likely to serve as a good level to set any stop). Our valuation metrics (as published in Exchange Rate Perspectives) also find NZD the most over-valued of the G10 currencies on a PPP and BEER basis. The NZD is around 33% 'expensive' on a PPP basis, versus the AU

heir buying of foreign equities (see Figure 8). This capital flow is perhaps the most important one to track the beginning of dollar uptrends (see Exchange Rate Perspectives, December 2012). The end of 2012 has likely seen the low in real US yields, which has trended down since 2008 (see Figures 9,10). This suggests t

found a base around 1.05 (with just below here therefore likely to serve as a good level to set any stop). Our valuation metrics (as published in Exchange Rate Perspectives) also find NW the most over-valued of the G10 currencies on a PPP and BEER basis. The NZD is around 33% 'expensive' on a PPP basis, versus the AUD