NZD/USD: Bounce off 0.60 to keep uber-bearish kiwi sentiment at bay – ANZ

NZD/USD recovered nicely off 0.60 last week. Economists at ANZ Bank believe downside pressure on the kiwi has been alleviated.

Immediate focus is US CPI 

“While the focus is still offshore and will likely remain that way into US CPI data, NZ current account and GDP data on Wednesday and Thursday will also be important scene-setters.”

 “Ukrainian developments (Russia retreating in some areas) haven’t done much to commodities, but it’s early days, and we’re watching closely.”

“On the technical side, the size of the bounce off the psychological 0.60 level has now been significant, and macro events notwithstanding, that might keep uber-bearish NZD sentiment at bay.”

“Support 0.5940/0.6000 Resistance 0.6575/0.6660.”