AUD/NZD has held a very tight range.....>

AUSSIE-KIWI: AUD/NZD has held a very tight range so far, amid very little of

note to wet the whistle. Australian AiG Construction PMI improved to 35.5 from

24.9, while final CBA Services & Composite PMIs were little changed vs.

preliminary readings. On the geopolitical front, there is continued focus on a

deepening row between Australia and China, with the Global Times circulating

criticisms of Australia's new defence policies. Elsewhere, NZ PM Ardern noted

that domestic labour market remains the government's priority. No real shocks

there, South South Pacific currencies have understandably been unfazed.

- With AUD/NZD last trading -5 pips at NZ$1.0631, bears look for a breach of Jun

15 low of NZ$1.0582, the key near-term support. Below there would open up May 4

low of NZ$1.0572. Bulls look to retake the 50-DMA, which intersects at the round

figure of NZ$1.0700, just above yesterday's peak. A break here would bring Jun

24 high of NZ$1.0756.

- Australian retail sales & Chinese Caixin Services & Composite PMIs will

provide some interest later in the day.