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A spillover from RBA-inspired AUD weakness.....>

KIWI: A spillover from RBA-inspired AUD weakness weighed on NZD overnight,
allowing NZD/USD to touch a new YtD low. NZD/USD last trades at $0.6511,
hovering just above the aforementioned YtD low, 23 pips worse off on the day.
- As a reminder, RBA Gov Lowe said that the central bank will consider
delivering a rate cut at its next MonPol meeting, after minutes from RBA May
MonPol meeting noted that a rate cut would be appropriate in case of no further
improvement in the labour market.
- On the technical front, bears look to the lower 1.0% 10-DMA envelope at
$0.6491. Conversely, the initial layer of resistance is provided by Friday's
high of $0.6547. It is worth highlighting that the rate's 50-DMA crossed below
its 200-DMA yesterday.
- NZ highlights this week include retail sales and trade balance, due Wednesday
and Friday respectively. The bi-weekly GDT auction, due in the London afternoon,
will also provide some interest.

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