A tight session for NZD/USD thus far, with.....>

KIWI: A tight session for NZD/USD thus far, with the rate testing $0.7000 at

writing. The opening salvos from the G20 haven't provided any real fireworks.

The pair's impressive recent run higher continued on Thursday, as the

Antipodeans outperformed (AUD benefitted from surging iron ore prices), while

the kiwi looked through a soft business confidence print.

- Bulls will be pleased to have cleared the 100-DMA & 0.6700 (although both are

being tested at present), and now set their sights on the 200-DMA/mid-point of

the YtD range at $0.6711/12. Bears looks for a quick move back below the

100-DMA, which would allow them to re-focus on the 38.2% retracement of the move

from the YtD range at $0.6658 & broken downtrend resistance drawn from the Mar

21 high.

- The G20 provides the key point of interest, with the Trump-Xi meeting

(Saturday) providing the focal point. Also worth remembering that the latest

round of off'l Chinese PMIs are due over the weekend. Monday will see attention

revert back to onshore matters with RBNZ Dep. Gov. Bascand set to speak on

macropru matters, while Tuesday's RBA decision could see some spillover.