ING write "it's been a tough start of the......>

KIWI: ING write "it's been a tough start of the month for risk assets, and the

New Zealand dollar hasn't been spared in the tariff-induced risk-off turn. The

lower than expected USD/CNY fixing by the People's Bank of China at 6.9683 has

averted another round of sell-off in risk-sensitive assets for now, but the risk

appetite remains muted. In such an environment, the New Zealand dollar is

unlikely to see any rays of sunshine anytime soon, especially given the

unsupportive rate outlook and the prospects that trade tensions have more room

to escalate further rather than subside in the short term. Therefore, we believe

the balance of risks for NZD is heavily tilted to the downside and we would not

be surprised to see NZD/USD edge below $0.6500 in the coming weeks and head

towards $0.6400 in autumn."