Muted Start On Monday; PSI On Tap, Q2 CPI Headlines Week

NZD/USD prints at $0.6365/70, the pair is little changed from Friday's closing levels in a muted start to the week's trade.

• On Friday the Kiwi marginally pared its post-US CPI gain seen last week the pair finished the session down ~0.4%.
• An early rally above $0.64, as the Kiwi posted its highest level since early February wasn't sustained and the NZD ticked marginally lower through the session. NZD/USD finished the week up ~2.6%, its biggest weekly gain since November.
• Technically the 20-Day EMA has crossed the 200-Day EMA signalling more potential upside in the cross. Bulls target a break of Friday's high ($0.6412) which opens year to date highs at $0.6538. Bears first target the low from 13 July ($0.6290) which opens the 20-Day EMA ($0.6229).
• AUD/NZD continues to consolidate in a narrow range below $1.08.
• Cross asset wise; BBDXY was ~0.2% firmer on Friday and S%P500 fell ~0.1%. 10 Year US Tsy Yields were ~6bps firmer.
• On tap in just over one hour we have June PSI, there is no estimate and the prior read was 53.3. The highlight of the week is Q2 CPI which crosses on Wednesday, the headline figure is expected to decline to 5.9% Y/Y from 6.7%.