AUD/NZD last NZ$1.0432, ~100 pips.......>

AUSSIE-KIWI: AUD/NZD last NZ$1.0432, ~100 pips lower on the day, in the wake of

the RBNZ MonPol decision, which saw the Bank leave its OCR unch. at 1.75% &

flatten out its rate track, which previously looked for a hike in Q320 (now

projected for Q121). The Bank left NZD bears disappointed, as the doves may have

been looking for a growing focus on the need for monetary easing. 

- The rate came under further weight, as RBNZ Gov Orr stated that "chances of a

rate cut have not increased, the outlook is balanced re: the next move being up

or down" during his post-MonPol presser. Orr went on to note that a rate cut may

be needed if growth doesn't pick up. 

- After the rate cleanly breached the cloud top & yesterday's low, bears shift

their focus to the Feb 6 low (the lowest level in 19 months, excluding the Jan 3

flash crash), which is located at the psychological NZ$1.0400 level, ahead of

the lower 1.0% 10-DMA at NZ$1.0392. Meanwhile, bulls look to recover the

50-DMA/21-DMA at NZ$1.0521/23, hoping to gain some impetus.