Departing RBNZ interim Gov. has noted that.....>

KIWI: Departing RBNZ interim Gov. has noted that forecasts still assume some NZD

depreciation. The RBNZ left any language surrounding the currency out of its

statement today, and in a subsequent interview Spencer suggested that "the RBNZ

shouldn't comment on the NZD unless there is concern over its value," while he

noted that "NZD is in the vicinity of fair value."

- NZD has eased a little, and last trades at 0.7230, while AUDNZD trades at

1.0705.

- The RBNZ MonPol decision was a relative non-event, as the Bank stood pat &

noted that it expects  CPI to moderate further in the near term before trending

upwards.

- Focus is now on the RBNZ's PTA, which is set to be signed before Orr assumes

control of the central bank next week.

- NZDUSD's follow through has been lacking below the 200-DMA (0.7182) with

support emerging ahead of key WMAs 0.7123-38. Bulls continue to look for a close

above the 55-DMA (0.7282).