FXStreet reports that volatility and the lack of liquidity remain the key risk and could hobble the Kiwi again. Risk-off is weighing on the USD but analysts at ANZ Research remain of the view that the NZD is on borrowed time.

"Volatility is the theme; Kiwi has rallied more than 4 cents off yesterday's intraday low before consolidating."

"The risk-off mood continues to weigh on the USD; while that's to be expected given the depth of markets there, we expect the NZD to capped and weaken after the RBNZ cuts."

"Support 0.6235 Resistance 0.6470"