Bank of America Merrill Lynch Research discusses NZD/USD outlook in light of this week's dovish RBNZ statement.
"The RBNZ surprised this week with a very dovish tone.
Although the market has been short NZD, this was still a surprise. The New Zealand data has been mixed, but do not justify easing, in our view.
We would not fight the central bank for now but NZD/USD is getting historically cheap," BofAML argues.