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NZDUSD hit new cycle lows yesterday and the....>

KIWI
KIWI: NZDUSD hit new cycle lows yesterday and the pair has failed to sustain
recent gains above the 0.6450 level as the declining New Zealand-US yield spread
continues to dominate price action.
- The 10-year spread currently sits at 59.10bps, testing new record highs, and
while real yields remain higher in New Zealand, the spread continues to narrow,
undermining the NZD's fair value. 
- AUDNZD continues to show promise following the break below trendline
resistance from the August peak, suggesting a resumption of NZD
underperformance. 

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