Kiwi leads the way again

The New Zealand dollar was the top performer last week and it's out of the gates quickly today in third straight day of gains.

The 20-pip rises pushes it close to the 14 high of 0.7320 and a continuation of the uptrend that started in mid-May.

What stood out in the weekly CFTC positioning dat was the spike in NZD longs:

The kiwi is clearly the market's darling at the moment. That will be tested with trade balance data due at 2245 GMT but for the moment, the June high is the level to watch on the chart.