AUD/NZD has given away 34 pips so far...>

AUSSIE-KIWI: AUD/NZD has given away 34 pips so far and last trades at NZ$1.0681.

Bears look to a drop below NZ$1.0668, where the rate bottomed out on May 22. A

break below that level would expose NZ$1.0608, the trough of May 11. Bulls need

a rebound above May 26 high of NZ$1.0741 before attempting a move at NZ$1.0751.

They closely watch the 50-DMA (NZ$1.0534), which is narrowing in on the 200-DMA

(NZ$1.0539), with a golden cross formation in sight.

- Australia's  capex fell 1.6% Q/Q in Q1, beating forecasts of a 2.6% decline.

Across the ditch, NZ ANZ business confidence improved to -41.8 from -45.6.

- The rate ignored comments from representatives of both of the South Pacific

central banks. RBA Gov Lowe provided little new in his latest address, as he

noted that Australia is doing better than expected amid the coronavirus crisis.

Meanwhile, RBNZ's Fiennes said that NZ central bank wants to implement higher

capital requirements on banks from next year, but might alter the transition

period if needed.

- In terms of broader picture developments, it goes without saying that the

focus remains on China's tensions with the U.S., as well Australia.