4 1.6 1.8 Figure 16: CAD/NZD: ....and is expensive against CAD 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Source: DB FX Research CAD/NZD 20% band PPP CAD/NZD 73 77 81 85 89 93 97 01 05 09 13 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Figure 17: JPY/NZD: NZD is expensive against the yen 0.000 0.005 0.