NZD continues to come under pressure...........>

KIWI: NZD continues to come under pressure. Traders had initially ignored the

in-line headlines of the GDP release but are perhaps now paying more attention

to the breakdown. The key disappointment was flat household consumption, this

could have an impact on the RBNZ's monetary policy outlook. Trends in household

spending need to be watched closely, even if this blip is temporary, as the

slowing took place at a greater rate than the RBNZ expected, indeed, the Reserve

Bank had highlighted that the risk to household spending was to the upside.

- NZD/USD made a fresh YtD low at $0.6832, last $0.6840, with bears now looking

to $0.6815 (monthly low Dec 2017).