NZD/USD has trimmed its earlier strength,......>

KIWI: NZD/USD has trimmed its earlier strength, registered on the back of hopes

for stimulus measures in the U.S. & Australia. Preliminary ANZ Business

Confidence data released out of New Zealand showed that headline index dropped

to -53.3 from -19.4, as the coronavirus epidemic bites. Local Q4 m'fing activity

data, released a bit earlier, showed an acceleration in the increase in both

volume & value of NZ m'fing sales.

- This leaves NZD/USD consolidating after a remarkably choppy session at the

start to the week. With risk appetite hit by crumbling oil prices & escalating

coronavirus epidemic, the rate flash crashed halfway through the Asia-Pac

session, before retracing the move.

- The rate sits -5 pips at $0.6332. Bears keep an eye on the $0.6300 mark & note

the bearish cross formation charted by the 50-/100-/200-DMAs. Bulls need to

retake yesterday's high of $0.6448 to gain some momentum.

- RBNZ Gov Orr will deliver his much awaited speech on unconventional MonPol

tools at the top of the hour. Coming up later this week we have card spending

data (Wednesday) and BusinessNZ m'fing PMI & Food Price Index (Friday).