NZD/USD: Steady but with an overnight spike higher – ANZ

The kiwi has held steady-ish; preliminary exports data yesterday were encouraging, but the Government’s herculean funding needs are weighing on sentiment just as some folks in Europe are worrying about Sovereign Debt Crisis Mark II.

Key quotes

“NZD/USD is at the same sort of level now that it was 24 hours ago, but that masks a spike higher during the overnight session.” 

“Preliminary trade data released by Stats NZ is encouraging, with Feb +3% higher than last year and Mar +0.5% on last year.” 

“The mega funding task that the Crown now faces has weighed on the market just as some in Europe are talking Sovereign Debt Crisis Mark II.”

“Support 0.5830 Resistance 0.6100”