NZD has depreciated across the G10 currency...>

FOREX: NZD has depreciated across the G10 currency board after Westpac said that

they now look for two more quarter-point cuts from the RBNZ in August and

November, which would bring the OCR to 1%, "with a risk it could go lower."

Westpac's previous call was for one 25bps cut in August.

- Little more to report on the FX front, most major crosses have been

range-bound thus far. KRW is softer a tad despite better than exp. GDP numbers.

- It will be worth watching a speech from RBA Gov Lowe later in the session.

- The ECB's monetary policy decision headlines today's economic docket.

Elsewhere, Turkey's CBRT will announce its first rate decision after the ouster

of the central bank's chief, which most thought was politically motivated.

- Data-wise, focus turns to German Ifo survey, as well as U.S. durable goods &

wholesale inventories. Also due: earnings reports from Amazon, Alphabet et al.