NZD/USD making a comeback, more to go? - Nomura

Analysts at Nomura explained the kiwi has made a comeback and expect more upside.

Key Quotes:

"NZD’s fundamentals continue to improve, with another rise in dairy prices and a decline in the unemployment rate adding to the upside surprise in the recent Q1 CPI inflation print.

The Reserve Bank of New Zealand (RBNZ) should acknowledge the more positive developments, which should help underpin NZD against CAD and AUD. We would look to sell AUD/NZD near the current spot (1.0840), targeting a decline to 1.0594 (with a stop at 1.0950)."