The squeeze higher in NZDUSD is healthy into month end from a strictly positioning perspective. The USD Long boat was heavily loaded to one side and needed a shake-up.
The sweep lower in AUD and NZD will demonstrate the exploitation of Keynsian economics. By pushing the USD bid the obvious collateral damage in EM FX and High Beta FX can easily lead to pressure on the inelasticity between Whitehouse / Fed combo. Watch-out for wild swings ahead, we can cover the flows live below.