I do not believe that there's any fundamental cause for the NZD to rise so much recently. I think it's sort of like spillover from flows into the AUD. I'd suggest that it illustrates not the usual FX trading but money wanting to diversify away from elsewhere (Euro?) to the AUD and coming from a diversification mentality, more like funds & stock-traders. It all has the "scent" of a different kind of money flowing. Any comments welcome.