NZD/USD: Basking in the wave of risk-on euphoria – ANZ

The kiwi basked in the euphoria of the S&P 500 breaking 3000 and broke the 0.6170 resistance. The NZD/USD will remain bid, but analysts at ANZ Bank are cautious and see some risks for the pair. 

Take a look to our last S&P 500 update

Key quotes

“As long as the euphoria lasts, NZD will remain bid, but as we noted yesterday, a lot of good news is now priced in and NZD will be under pressure if the mood changes.” 

“Long-term, we’re concerned about global unemployment, slowing growth and the income shock of that.”

“Support 0.6170 Resistance 0.6390”