NZD/USD: Likely to remain elevated – ANZ

A decent rebound in the Kiwi as the good vibrations continue supported by good demand for the syndicated bond, the food exports story, and the slowdown in new COVID-19 cases, per ANZ Bank.

Key quotes

“NZD/USD has performed well overnight after rejecting an attempt lower and avoiding a break of key resistance at 0.5830.” 

“NZDM’s $2bn+ tap of the 2031 bond via syndication has been well received and will likely draw in offshore buyers, who will need to buy NZD.” 

“The kiwi is well bid on dips; likely to remain elevated as we remain in lockdown.”

“Support 0.5830 Resistance 0.6000”