NZD/USD caught a bid on the back of a speech...>

KIWI: NZD/USD caught a bid on the back of a speech delivered by RBNZ Governor

Orr. His attempt to downplay the possibility of reverting to unconventional

monetary policy tools and satisfaction with the effect of an August 50bps cut to

the OCR supported the kiwi, lifting it to the top of the G10 pile. Meanwhile,

USD was the worst G10 performer, unwinding some of its yesterday's rally.

- The full text of Orr's address can be accessed via the link below:

http://tiny.cc/RBNZOrrspeech

- NZD/USD added 25 pips overnight and last sits at $0.6297. The rate faded a

touch after topping out at $0.6312. A return and consolidation above the

psychological barrier/23.6% retracement of the Sep 12-20 slide at $0.6300/01

would clear the way towards the 21-DMA, which intersects at $0.6346. Bears look

for a retreat towards the recent cycle lows of $0.6255.

- Looking ahead, ANZ will publish their cons. conf. survey on Friday.