NZD/USD rode the broader risk-on tide on.......>

KIWI: NZD/USD rode the broader risk-on tide on Tuesday, adding nearly 100 pips

on the day. The rate easily cleared a key resistance from Apr 30 high of $0.6176

and managed to establish itself above its recent trading range. An attack at the

100-DMA, the first one since mid-Feb, failed to result in a close north of that

level, but the pair continued to operate just shy of there. Improvement in wider

risk sentiment was fuelled by a relatively smooth, gradual economic re-opening

across the world & a strong session for global equity markets.

- The RBNZ's FSR noted that banks are well prepared to weather the Covid-19

crisis, but the "capacity to absorb shocks is not unlimited". Governor Orr will

hold a presser on the matter at the top of the hour, before testifying to MPs.

- NZD/USD trades flat at $0.6199, with bulls looking to take out the 100-DMA at

$0.6205. Above there would open the 61.8% retracement of the Dec 31 - Mar 19

slide at $0.6265. Bears look for a pullback below Apr 30 high of $0.6176, before

targeting May 22 low of $0.6081.

- Data-wise, focus turns to Thursday's ANZ Business Confidence and Friday's ANZ

Consumer Confidence.