A sedate start to the session for NZD/USD......>

KIWI: A sedate start to the session for NZD/USD (and the broader G10 FX space,

for that matter), as we await a monetary policy decision from the RBNZ and a

subsequent press conference with Governor Orr. The RBNZ chief will speak again

on Thursday, testifying to lawmakers. Our preview of the RBNZ MonPol decision

can be accessed at http://tiny.cc/RBNZMay2020

- PM Ardern's spokesman pushed back against earlier speculation that New Zealand

has discussed forming a "travel bubble" with eight other nations which are

successful in containing the coronavirus, noting that the talks were limited to

sharing experiences re: Covid-19.

- Worth highlighting that FinMin Robertson delivers the budget on Thursday.

- On the data front, New Zealand's BusinessNZ M'fing PMI comes out on Friday.

- NZD/USD sits -6 pips at $0.6072. A fall below the 50-DMA at $0.6022 would

clear the way to May 7 low of $0.5995. Below there would open up Apr 23 low of

$0.5911. Bulls need gains past May 11 peak at $0.6156 and Apr 30 high of $0.6176

to reinstate topside momentum.