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KIWI

ANZ note that "the overnight rally in the Kiwi smells of a good old-fashioned short squeeze with no obvious explanation for the way it outperformed other correlated currencies. The USD has generally softened on buoyed risk appetite as equities press higher but the NZD has performed better than all of its G10 peers, and that's despite falling milk prices, and the RBNZ extremely dovish stance and signalling of a move to negative rates. Still, there's nothing wrong with a short squeeze – these things happen. We don't expect it to last given the macro backdrop."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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