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NZD/USD has eased off a tad, last sits 6.......>

KIWI
KIWI: NZD/USD has eased off a tad, last sits 6 pips lower at $0.6388.
- The rate printed a new YtD low yesterday, only to more than erase losses
thereafter as risk appetite whip-sawed. Pessimism inspired by the weekend
escalation in U.S.-China trade spat (among others) triggered some risk-off
flows, before the broader picture improved amid subsequent rounds of reassuring
trade comments from China & the U.S., as well as the general dialling back of
U.S. Pres Trump's previously combative rhetoric on a variety of trade fronts.
- The psychological $0.6400 barrier has remained intact so far, a break here
would clear the way to $0.6410, where the rate peaked last Friday. Meanwhile, a
break under yesterday's low of $0.6342 would expose the trendline support, which
intersects a further 10 pips below.
- RBNZ Gov Orr spoke with the AFR, warning that "nothing is too big to fail." He
also sided with fellow central bank chief from Australia, defending the recent
rate cuts from the RBNZ & RBA as justified by lower rates in the U.S.
- ANZ will publish their biz. confidence survey on Thursday & the cons. survey
on Friday. Also on Friday, we will see the release of NZ building permits.
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