AUD/NZD has shed 12 pips and last.......>

AUSSIE-KIWI: AUD/NZD has shed 12 pips and last deals at NZ$1.0464 in the run-up

to the publication of RBA Jul MonPol meeting minutes, expected at the bottom of

the hour.

- The kiwi sits atop the G10 pile with no news headlines apparent. Immediate

reaction to the earlier release of NZ Q2 CPI was very muted as headline and

non-tradable figures matched RBNZ expectations, while tradable inflation only

slightly missed forecasts.

- Bears set their sights on the Jul 11 low of NZ$1.0444. Should the level give

way, the next layer of support below is provided by the descending trendline

drawn off the Apr 26 low, which kicks in at NZ$1.0405 today. Bulls need a

clearance of the 21-DMA at NZ$1.0489 before attempting a move at the NZ$1.0500

barrier.