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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.”