NZD has benefitted from the broader risk on....>

KIWI: NZD has benefitted from the broader risk on tone but has lagged the AUD

after the recent stretch of NZD outperformance. NZDUSD last 0.7330, AUDNZD last

1.0550.

- NZDUSD's topside breaks continue to lack follow through but bulls maintain an

advantage while Friday's low (0.7241) supports. Bulls need a close above the

high from Mar 13 & 14 (0.7354) to gain traction topside, although the Bollinger

top (0.7340) remains a concern.

- After printing fresh 9-month lows on Monday AUDNZD has ticked higher in early

Tuesday trade, with the next level of upside interest coming in at Friday's high

(1.0608), followed by the 21-DMA (1.0628). Support is found at the Bollinger

base (1.0504) followed by the YtD low (1.0501).

- The NZD shrugged off the release of the NZIER QSBO.

- Earlier on we learnt that RBNZ Assistant Gov. McDermott will speak on

inflation targeting on Thursday, introducing a new risk event for NZD traders,

especially in lieu of the fresh RBNZ PTA that was signed at the back end of

March as Adrian Orr assumed Governorship of the RBNZ.