FXstreet.com (Sydney) - The NZD has gained on the Aussie and is trading at 1.2784. The pair reversed gains after opening at 1.2801 and posting an intraday high of 1.2821. The pair has since eased slightly.

While the Aussie gained against most currencies, the Kiwi remained firm. As reported in the NZ Herald, there is a view going around that it is looking cheap at these levels, said Mike Jones from BNZ, referring to the pair. News that the Bank of America would repay billions of dollars in debt within the next few days helped fuel appetite for risk currencies such as the Kiwi.