Imre Speizer, an analyst at Westpac, note the NZD/USD has been stuck in a 0.6250-0.6350 range during the past two weeks, but over that period the USD has weakened but NZD/USD has struggled to rally.

• “We suspect the looming RBNZ decision on 13 Nov is keeping the bulls at bay. RBNZ Dep. Gov. Bascand yesterday gave the strongest hint yet that it will probably cut then. At 100% priced, with a follow-up cut 80% priced, it does seem aggressive.”