NZD/USD dropped 31 pips Wednesday, while the...>

KIWI: NZD/USD dropped 31 pips Wednesday, while the kiwi lost ground vs. all of

the other G10 currencies, as it found itself pressured by persistent worries re:

Sino-U.S. trade tensions. Focus yesterday turned to suggestions that China may

weaponise its rare earths exports to the U.S. 

- After fluctuating within a narrow range in Asia-Pac hours, as investors

weighed signals re: global trade, the pair slid through the day, consolidating

around $0.6510 towards the close.

- NZD/USD is steady at $0.6513. A dip below the $0.6500 mark would open up the

downtrend resistance-turned-support/May 23 YtD low of $0.6484/82. Bulls look to

retake the May 27/28 lows of $0.6559, which also represent the 21-DMA.

- NZ building approvals are due shortly, while later today NZ Tsy Sec Makhlouf

will present the 2019 budget to parliament. This comes after the release of

parts of the budget by the opposition prompted a blame game. NZ Tsy claimed that

their IT system has been hacked, but the police denied that the leaks were

illegal, with FinMin Robertson criticising how the Tsy handled the affair.

- NZ ANZ consumer conf. & FinMin Robertson's budget speech are due tomorrow.