NZD ignored comments from RBNZ Gov. Orr who....>

KIWI: NZD ignored comments from RBNZ Gov. Orr who stressed that the NZ "economic

outlook is not that bad," citing terms of trade, a supportive NZD & low interest

rates. As a reminder the RBNZ has struck a more balanced tone since Orr took the

helm, opening up downside risk to the OCR. Markets are pricing ~12bp of easing

by the end of August 2019, a near 50/50 chance of a cut, as a result of the

rhetoric employed under Orr during his tenure.

- The NZD softened a touch after NZ's minister for broadcasting, Clare Curran,

resigned, owing to questions surrounding the use of her personal email,

registering a low of $0.6566.

- NZD/USD last trades at $0.6580, with support noted at the YtD low ($0.6530),

while resistance comes in at Monday's high ($0.6624).

- Q2 manufacturing activity data provides the highlight of the NZ docket over

the next week.