On NZD/USD ANZ suggest that "a stronger USD....>

KIWI: On NZD/USD ANZ suggest that "a stronger USD over the past 12 hours has

perhaps only delayed a push higher for the NZD, as we suspect positioning is set

to finally catch up with it. As we have mentioned over the past couple of weeks,

extreme short positioning is not necessarily a contrarian signal so long as the

data flow justifies it. But as soon as the data flow turns (at least relative to

expectations), then the market is vulnerable to a squeeze higher, and we see

that potential in the near-term. In saying that, this is just a tactical view.

With domestic growth weak, the commodity price picture shifting weaker and

global trade tensions lingering, we find it hard to see any strength

persisting."