Liquidity in the NZD is pretty poor at the best of times and once the market gets sniff of some corporate-type interest, it tends to head the other way in a hurry. Real money players had the chance to sell above 84.00 earlier this week but they held off, leaving sell orders above the market, which was a bit silly as this is probably business which needs to be done before the end-of-the-year. Now the market has started running away from them and what you don’t want to be doing is hitting bids in thin illiquid trade, especially when the market has turned off medium term highs.
Offers now reported above 84.00.