The kiwi is surfing the euphoric wave of risk-on sentiment again, trading at 0.6206, but economists at ANZ Bank are concern regarding unemployment.
Key quotes
“Day-to-day it is all about equities/risk appetite, as long as the euphoria lasts, NZD will remain elevated.”
“We remain concerned about unemployment – here and abroad – and slowing global growth. Data yesterday showing 37.5k job losses in NZ were not encouraging, and next week we get US Nonfarm Payrolls.”
“As we have flagged for a while, a lot of good news is now priced in; NZD will be under pressure if the mood changes.”
“Support 0.6150/6170 Resistance 0.6390.”
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