NZD/USD also sticking to a tight range in......>

KIWI: NZD/USD also sticking to a tight range in early trade, with little in the

way of headlines to pen since the open. Rate last deals little changed at

~$0.6550.

- Weekend news flow saw an AFR interview with RBNZ Deputy Governor Bascand on

bank capital requirements. Bascand noted that "the central bank would remain

flexible on timing, reconsider whether bank hybrid debt could be included in the

measurements and subject its own analysis to independent cost-benefit analysis."

- Bulls managed to push the rate above last week's high, briefly, though follow

through was lacking. A consolidated break above would leave bulls targeting the

21-DMA at $0.6578. On the other hand, bears look for a move below $0.6500 to

allow them to challenge the lower 1.0% 10-DMA envelope/YtD low of $0.6487/82.

- The local docket is limited during the early part of this week, so global

developments will likely drive price action.