ANZ note that "so far, there is little.........>

KIWI: ANZ note that "so far, there is little evidence that the tighter Fed

policy is slowing the fiscal-fuelled juggernaut that is the US economy, but the

cooling in the housing market is arguably a notable exception. Meanwhile here in

New Zealand the market continues to price a decent chance that the next OCR move

is a cut after the very dovish Monetary Policy Statement earlier this month.

That divergence, plus increasing evidence that New Zealand commodity prices may

be past their best, means we expect the NZD to remain under pressure over the

rest of the year (despite a decent bounce in the past week). We are forecasting

NZD/USD at 0.62 by year end."