ANZ note that "the kiwi is now a decent way....>

KIWI: ANZ note that "the kiwi is now a decent way away from its cycle lows, and

in many ways that is justified as RBNZ rate cuts are priced out and the curve

steepens. While positioning will have exacerbated the move, extreme shorts have

started to be pared back. In fact, kiwi has run into some reasonable resistance

up near 68 US cents suggesting the path higher from here will not be an easy

one. That said, global forces hold the upper hand and much will hinge on risk

appetites. Further improvement can't be ruled out, but there are a number of

things that warrant caution, not least the softer global growth picture,

tightening liquidity, and the fragile political landscape. Together with weaker

export prices and our still wary domestic view, we are happy to retain a bearish

medium-term bias for kiwi."