NZD/USD dropped early doors as Westpac.........>

KIWI: NZD/USD dropped early doors as Westpac revised its RBNZ easing call by

adding one more 25bps rate cut in November on top of the already expected

quarter-point cut in August. Worth highlighting that the accompanying commentary

noted "a risk of a more aggressive cutting profile." The pair gradually

recovered aforementioned losses, but slid again due to a spill-over from across

the Tasman sea, as dovish remarks from RBA Gov Lowe damaged AUD.

- After shedding 10 pips overnight, NZD/USD trades at $0.6696. The rate has been

limited to the downside by the 21-DMA at $0.6694, the initial bearish target. A

break here would open $0.6674, the 100-DMA. Meanwhile, bulls look to retake the

$0.6700 figure before taking aim at $0.6720, which capped gains on Jul 3 & 4,

with the 200-DMA intersecting nearby, at $0.6725.

- No more NZ data releases or RBNZ speeches are expected this week.