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NZD/USD is sitting above 0.6520, up 0.17% on a day, as the kiwi enjoys risk-on environment. Economists at ANZ Bank expect the global recovery to slow down, hurting NZD, but not for now.

Key quotes

“Kiwi continues to play follow the leader with global risk, breaking through the 0.6500 resistance level to be sitting comfortably above 0.6510 – until, that is, the next move in global sentiment carries it away.” 

“Global economic fundamentals remain fragile, and it’s likely to be a long road to recovery with the pace slowing as we get closer to the finish line. That should cap the upside in global risk assets and the kiwi, but that’s not the story for the here and now.”

“Support 0.6430 Resistance 0.6575”