ANZ write that the NZD "short squeeze higher...>

KIWI: ANZ write that the NZD "short squeeze higher has been brutal. Between June

and October the NZD was the worst performing G10 currency. Since then it has

been the strongest performer. In many ways this is justified, as the market

shifts from expecting RBNZ rate cuts to hikes, but we now feel it has moved far

enough. To be fair though, global risk appetites are in the box seat and we

can't rule out a further push higher in the near-term. But there is certainly

still plenty that leaves us cautious (with the mixed global trade headlines over

the weekend part of that). And with the TWI back over 75 (4% above the RBNZ's

MPS assumption), the NZD is starting to look extended on some crosses. We retain

a bearish medium-term bias."