The NZD/USD pair has broken back above 0.71. Economists at ANZ Bank expect the kiwi to see another leg higher with the next resistance seen at the 0.7170 mark.
Markets look ahead to US NFP
“Generalised USD weakness ahead of key US jobs data (which has the potential to shift sentiment on surprises) played a role. That said, the kiwi has been one of the better performers and is approaching, or has broken, key levels on a number of crosses.”
“The local Delta outbreak remains a key concern, but markets are doing their level best to look through it, and continue to take the view that there is still light at the end of the tunnel even with ~50 new cases a day.”
“The higher and steeper NZGB yield curve is also giving the NZD a bit of a tailwind; that’ll likely persist for a couple more weeks.”
“Support 0.6800/0.6960 Resistance 0.7170/0.7215/0.7310”
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