NZD/USD has sold off on the back of a round....>

KIWI: NZD/USD has sold off on the back of a round of comments from RBNZ members,

who testify to parliamentary select committee. Governor Orr told lawmakers that

the central bank hasn't ruled out using negative interest rates after 12 months

(which shone through in the recent RBNZ rhetoric), adding that the QE programme

could be expanded. Asst Gov Hawkesby added that the Bank's QE programme "equates

to around 150bp of easing". Orr singled out unemployment as the biggest

challenge for banks and warned that global demand is unlikely to rebound

sharply.

- The rate has shed 34 pips as of yet, last trades at $0.5957. It struggled to

make any material headway beyond yesterday's low of $0.5955. A firm slide

through the level would bring the key Apr 3 low of $0.5844 into play.

- Parliamentary testimony of RBNZ members is still underway and can be watched

live at http://tiny.cc/NZERC.