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The risk-on mood has lifted the Kiwi as soft data has hurt the USD, economists at ANZ Bank apprise. NZD/USD is trading at 0.6120.

Key quotes

“NZD/USD has broken up out of the short term 0.6010/0.6075 range.”

“Markets are gearing up for a pretty soft US Nonfarm payrolls print (Bloomberg consensus: -21.7m jobs and 16% unemployment). Even if it’s an ‘upside’ surprise, the reaction to data lately has seemingly been a bit more ‘shivers that’s bad’ rather than ‘not as bad as it could have been’, so we won’t hold our breaths on the USD.” 

“Support 0.5850 Resistance 0.6170”