FX price action has been fairly...............>

FOREX: FX price action has been fairly range-bound, with markets awaiting the

monetary policy decision from the RBNZ amid the otherwise thin economic docket.

The kiwi has operated towards the lower end of the G10 table. Worth noting the

IMF said that the current NZD levels do not pose an immediate concern.

- Oil-tied CAD & NOK have also struggled, even as oil prices have held steady.

- Swiss franc has emerged as the G10 leader amid declines in major regional

equity indices, which nonetheless have failed to aid the softening JPY.

- Fed's Bullard said that each of the two 25bp cuts he pencilled in for this

year in the FOMC dot plot were "insurance cuts," adding that he doesn't think

that the Fed should stop shrinking its balance sheet if it cuts rates in July.

His Fed colleague Barkin declined to comment on the potential of a rate cut.

- U.S. durable good orders, French and German consumer confidence tallies and

Norwegian AKU unemployment take focus today. After the OCR decision, RBNZ Dep

Gov Bascand will discuss financial stability matters; elsewhere, ECB's Mersch

and Fed's Daly will speak, while BoE's Carney, Cunliffe, Tenreyro and Saunders

will testify on the May Inflation Report.