Little to write home for the............>

AUSSIE-KIWI: Little to write home for the Antipodeans so far, both South Pacific

currencies have been range-bound. AUD/NZD has inched higher and last deals at

NZ$1.0706, 8 pips above neutral levels.

- New Zealand trade figures for the month of June matched expectations, with

trade surplus shrinking to NZ$5.07bn from NZ$5.40. Australian flash CBA PMIs

improved further into expansion this month, with the services gauge registering

at a record high. Preliminary trade figures out of Oz showed an 8% M/M increase

in exports, driven by record-high iron ore shipments.

- The key near-term resistance has been defined at NZ$1.0755/61, the high of Jul

21/61.8% retracement of the Jun 2 - Jul 10 slide. A clearance of the level would

open up NZ$1.0807, which represents the 76.4% retracement of the aforementioned

sell-off. Bears look for a drop below the 50-DMA at NZ$1.0692, before targeting

Jul 16 low of NZ$1.0651.