A quiet start for NZD/USD, last trading........>

KIWI: A quiet start for NZD/USD, last trading unchanged at ~$0.6725, after the

pair closed below its 200-DMA on Wednesday, as softer than expected domestic CPI

data weighed on the NZD, although stronger than expected Chinese GDP & economic

activity data allowed the pair to move back from intraday lows.

- Mkts now a ~50% chance of a RBNZ rate cut in May, up from ~25% Tuesday, this

looks about right (see POV at 23:40 BST 04/17), with underlying inflation

perhaps a little better than the soft headline suggested, and the RBNZ seemingly

already accounting for such a print. Data will be key in the time between now

and the May 8 MonPol decision, with the ANZ biz survey & Q1 labour mkt report,

as well as 2-Year inflation exp. all due between now and then.

- Offshore matters will likely drive price action today, with a focus on the

critical Australian labour market data expected.

- Bulls need to reclaim the nearby 200-DMA before setting their sights higher,

bears ultimately target a test of yesterday's intraday low at $0.6668, although

various recent intraday lows and the psychological $0.6700 level lie between

current levels and that target.