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The Kiwi tried and failed to break above 0.60 and looks set to continue moving gradually lower, according to the ANZ Bank analyst team.

Key quotes

“Our medium-term bias has Kiwi moving gradually lower.” 

“Last week’s Budget was huge but it’s debt-fuelled and the threat of negative rates and foreign asset purchases as part of QE will hang over the market, especially with most Fed officials not in favour of negative rates.”

“Support 0.5850 Resistance 0.6170”