Comments from RBNZ off'ls clipped the.........>

FOREX: Comments from RBNZ off'ls clipped the kiwi's wings, as Gov Orr said that

-ve rates "are not ruled off the table" beyond 12 months & the Bank can expand

its QE programme. Asst Gov Hawkesby est. the amount of easing delivered via QE

ops to be 150bp. Although RBNZ off'ls had earlier suggested that -ve rates &

boosting QE are on the cards, today's rhetoric brings MonPol matters back to the

fore. AUD has been offered alongside NZD, with the Antipodeans vulnerable ahead

of Aussie jobs report, due shortly. USD tops the G10 pile, extending y'day's

strength as regional equity mkts took their cue from the sell-off at Wall St.

- MXN has faltered as Fitch downgraded Mexico's credit rating to BBB-, the

lowest investment score, with a stable outlook.

- USD/KRW is well bid as the rate catches up to a flight to safety seen

yesterday, when South Korea was off for an election day. Early results suggest

that the ruling Democratic Party secured a landslide victory.

- Australia's labour mkt report, final German CPI, as well as U.S. initial

jobless claims, Philly Fed Survey, building permits & housing starts take focus

today. Several Fed, ECB, BoC & BoE members are set to speak.