AUD/NZD, last at NZ$1.0580, has given...>

AUSSIE-KIWI: AUD/NZD, last at NZ$1.0580, has given away 32 pips on the back of

the recent round of comments from RBNZ Governor Orr, who spoke with BBG.

- Orr's remark that the MPC can "afford to wait, watch and observe what's

happening" prompted participants to pare bets of a cut to the OCR at the next

(September) policy meeting. The Governor added that the central bank will assess

the situation in November & trim the OCR if needed.

- On the other hand, Orr pledged to do "whatever it takes" to support NZ economy

and expressed readiness to ease policy if needed. He mentioned unconventional

policy tools again, but quickly added that their deployment is far from the

central scenario.

- Little reaction noted to NZ Q2 retail sales, which slightly undershot exp.

- On the technical front, bears look for a fall below NZ$1.0554, the 61.8% fibo

retracement of the YtD slide. Below here would shift the downside focus to the

100-DMA at NZ$1.0533. Bulls look to recoup the $1.0600 level before attempting a

move at NZ$1.0622, which represents the 76.4% retracement of the YtD range.