New Zealand's Q2 GDP headlines the local.......>

KIWI: New Zealand's Q2 GDP headlines the local docket today, with consensus

calling for a slowdown. NZD/USD currently sits a touch lower at $0.6316.

- The rate sold off through Wednesday's Asia-Pac session on the back of pre-Fed

positioning before a period of sideways trade in European hours. Another leg

lower was registered in reaction to the FOMC monetary policy decision, as well

as subsequent presser from Fed Chair Powell. To recapitulate, the Committee

voted to deliver a 25bps rate cut and expand the balance sheet sooner than exp,

but stark divisions among members were evident.

- NZD/USD failed to penetrate the $0.6300 psychological barrier, despite testing

the level on Wednesday. Bears look for a fall below there, which would return

focus to the Sep 3 YtD low of $0.6269. Topside attention is drawn to the

$0.6361-67 region, which registered a series of peaks this month, including

Wednesday's.

- Friday's release of local credit card spending numbers will conclude NZ data

prints this week, putting the focus squarely on next Wednesday's RBNZ meeting.