NZD/USD has added 4 pips and last sits at......>

KIWI: NZD/USD has added 4 pips and last sits at $0.6692 after falling 22 pips

yesterday, with the bulk of the intraday move being constituted by the pair's

slide into the European morning. Elsewhere, price action was subdued thanks to a

market holiday in the U.S.

- A jump back onto the $0.6700 handle would shift bullish focus to the 50%

retracement of the YtD range, located a further 10 pips above. Jul 3 & 4 highs

of $0.6720 provide the next upside target. Bears initially look to Jun 27/Jul 3

at $0.6671/70.

- Worth noting that the price of Fonterra shares dropped sharply by as much as

5.3% yesterday, touching a record low (but recovered somewhat since). Fonterra

CFO Rivers said that nothing new happened that could have driven the move.

- NZ focus next week turns to food price index due Wednesday, card spending data

due Thursday and BusinessNZ manufacturing PMI due Friday. RBNZ Gov Orr will

speak on Phase 2 of the Reserve Bank Act review.